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Merge Momentum: Ethereum Sets New 2022 High Against Bitcoin
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Merge Momentum: Ethereum Sets New 2022 High Against Bitcoin

Best Owie
Best Owie
2 years ago
3 mins read
Ethereum vs Bitcoin

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The Ethereum Merge is fast approaching, and the anticipation around the upgrade has led to some interesting happenings in the crypto sector. It has propelled the price of the digital assets to new highs, even with the downtrend, holding its value better than most of the market. Ethereum has now marked another new high ahead of its long-awaited Merge. This time around, it is a win against the largest cryptocurrency, Bitcoin.

ETHBTC Touch New Highs

Ethereum versus Bitcoin is a never-ending contest that has put the two communities at odds. Bitcoin still maintains its dominance over Ethereum and the other cryptocurrencies, but the second-largest cryptocurrency by market cap has been steadily closing the gap over the year.

Related Reading: Top Exchanges Mark Readiness For Vasil, Can Cardano Rally To $1?

ETHBTC had traded at its highest level towards the end of 2021 before a decline sent it falling to yearly lows. However, with the Merge on the horizon, Ethereum has managed to close the gap significantly once more and rally to yearly highs.

ETHBTC is currently trading around 0.0847 BTC on Tuesday, the highest it has been in seven years. This comes despite the suppressed levels on the futures basis that were brought on by hedging activity triggered by the Merge.

ETHBTC

ETHBTC touches yearly highs | Source: Arcane Research

The digital asset continues to show strength against bitcoin even through the downtrend. It has since lost its footing at 0.0847 BTC but continues to hold steady above 0.08 BTC.

Ethereum Merge Casts Long Shadow

Recently, Ethereum founder Vitalik Buterin took to Twitter to explain that the Merge was going to happen sometime between September 13th-15th. This was welcome information as it confirmed for the community that there would be no more postponements, but the move to proof of stake has not sat well with everyone in the community.

Ethereum price chart from TradingView.com

ETHBTC reaches yearly highs | Source: ETHBTC on TradingView.com

The most prominent of the disagreements have come in the form of ETH forked tokens in a bid to keep the network on the proof of work mechanism. However, not all crypto platforms have announced support for these forked tokens, and some, such as OpenSea, have said that they would only be supporting tokens on Ethereum POS and would not accept any forked tokens.

Related Reading: CAKE Sets Sights For $5 After More Than 7 Million Tokens Are Sent To A Fiery Death

Nevertheless, these tokens are still going to come into circulation. It raises the question of which of the two tokens would be the best to invest in ahead of the Merge. There are speculations that both ETHPOS and ETHPOW will both pump as they try to ascertain dominance over one another.

Featured image from Medium, charts from Arcane Research and TradingView.com

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Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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