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Bitcoin Outperforming Crypto Market Share as Ethereum Merge Nears

Arcane Research | Vetle Lunde and Jaran Mellerud | Sep 13, 2022

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Bitcoin has seen a strong recovery of 8% over the last seven days, outperforming the rest of the crypto market and regaining some of its market dominance as we approach the long-awaited Ethereum merge.

  • This will be a huge week in crypto. The Ethereum merge is scheduled to occur on September 15th, and market participants are hedging like never before.
    • Relative to BTC, ETH has underperformed in the last week, falling from a peak of 0.085 ETHBTC to 0.077 today, while the ETHBTC correlation has declined in a relatively volatile environment.
  • Traders are moving into bitcoin ahead of the merge
    • Bitcoin’s outperformance has led the bitcoin dominance to soar by 1.8% over the past seven days. It’s currently sitting above 40% for the first time in almost one month.
    • In late August and early September, the rest of the crypto market, particularly ETH, managed to steal market share from the underperforming BTC. The ETH dominance fell by 0.7% over the past seven days but is still close to its highest level since December 2021.

See: 

IMF Magazine: Money Revolution in the Age of Crypto and CBDCs

Blockdata: State of Crypto Banks in 2022

Canadian Crypto Industry is Working Towards Legitimacy

  • Sentiment is improving, but traders are still cautious
    • The Fear and Greed Index has managed to climb out from the ‘extreme fear’ area. A significant component of the index calculation is market momentum and volume, and recently we have seen growing spot volumes in a positive market.
  • The bitcoin spot volume surges to yearly highs
    • The 7-day average bitcoin spot volume has surged to a yearly high of $11.4 billion.
    • Most of this trading activity happened on Binance, which has completely taken over the bitcoin spot market due to its fee removal this summer. Binance’s zero-trading fee policy has made new high-frequency trading strategies profitable and attracted these types of traders to Binance’s bitcoin pairs.

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