This is a big week in the crypto world. The most-talked about event in Ethereum’s history, the Ethereum Merge will be completed within the next two days. This could be a decisive breakthrough for Ether, as well as other coins. The merge, on paper, is supposed to bring in nothing short of an innovation to the Ethereum blockchain. It will make the blockchain around 99% more energy-efficient, and pave the way for future upgrades that will make it faster and more scalable.
In fact the effect of this event on the performance of the top coins is already beginning to show. Both Bitcoin and Ether logged price growth over the past seven days in anticipation of the Merge.
The following graph shows that the crypto market is on the uptrend and the Bitcoin’s performance over the last seven days shows that Bitcoin has broken above the $20,000 psychological level and rose to about $22,374.01 at the time of writing.
On the other hand, Ether is showing a very similar chart, rising above the psychological level of $1,500 and currently trading at $1,719.35.
Ether’s market dominance chart shows a sharp gain over July’s levels according to TradingView data. Currently, the dominance of Ether by market capitalization sits at 20.30%.
It is significant to note that while Ether has benefited the most from the Ethereum Merge, it has lagged behind, growing by only 7%, compared to other cryptocurrencies like Bitcoin, which has grown by 15%. In fact, the “Ethereum killers,” a team of underdogs made up of Solana, Avalanche, Polkadot, and Cardano, have been doing well lately.
Looking close up on Solana, it has actually been on a stellar performance streak, with a 16.50% rise in the past 7 days.
In fact, the number of NFTs minted on the Solana blockchain has also reached a record high at 312,000 on September 7. Solana has also been a close competitor of Ethereum in the NFT space.
Ether might also be underperforming as traders are rotating money out of ETH and into BTC and other coins, Coindesk has reported. The reason for the rise in Solana’s overall performance can also be the feeling of caution ahead of Ethereum Merge. With just two days left for the completion of the proof-of-stake consensus switch, it is an event that will have an effect on the whole crypto market in some way or the other.
Rounding up, the crypto market performance of the top coins over the last seven days look positive. At the time of writing, most coins soared by double-digit numbers and across the whole trading board, it seems to be moving into a bullish mode.
Disclaimer
Please note that this is not trading advice. We recommend you to carry out your own research before making any trading decisions. This article is for informational purposes only.
