Bitcoin is known as the flagship crypto by most people throughout the world. Nonetheless, the biggest altcoin, Ethereum, has been leading the crypto bear market in the last two months.
This is due to the much-talked-about Merge which is set to happen on September 14. The excitement around the Merge event has seen Ethereum dominate the chart of Dominance by volume (%) in recent months.
But recently, a CryptoQuant analyst (@JA_Maartun) alleged that Bitcoin has “started to be more dominant.” In his latest post, the author said:
“Three days ago, there was a cross-over, which means that Bitcoin started to be more dominant on exchanges in terms of the trading volume. This is a clear sign that Bitcoin is taking over the Driver seat from Ethereum.”
A King’s Tale
The king token of crypto is showing lots of promise in other areas too. This considerable optimism is evident on-chain from analytics platforms. In a recent tweet, analytic firm Glassnode alleged that the total number of transactions just reached a 1-month high of 10,700.7 on 12 September.
That is not all for BTC right now with a general alteration in sentiment for Bitcoin in the crypto space. Based on the data acquired from Santiment, the positive sentiment continues ranging ahead of the negative sentiment on the current market charts.
This has come despite a recent drop in the positive commentary for Bitcoin on social media.
Another impressive growth was seen in Bitcoin’s MVRV ratio in recent days. On September 12, the ratio surged above one to indicate increasing profitability across Bitcoin addresses.
This scenario comes on the back of Bitcoin’s impressive showing on the daily charts as it recently broke above the $22,000 resistance after a 2.5% rise to $22,250.
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Smooth Short-Term Sailing
Nevertheless, there was a huge change in the futures market in August as ETH surged past BTC in futures trading volume.
A report by Tom Rodgers, Head of Research at ETC Group stated:
“Last month was the first time since records began that Ethereum futures trading volume surpassed Bitcoin, at $1.07 T across the month.”
Nevertheless, September is expected to show some change in opinion after the Merge anticipation concludes in its possibility.