With 61% Gains, ETH has Successfully Overtaken Bitcoin

Sberbank

The native token of Ethereum “Ether – ETH” has managed to outperform Bitcoin (BTC) prior to the implementation of “The Merge”.

Although “The Merge” is to be implemented in September, still, its anticipation is playing a very positive role in increasing ETH’s price.

ETH’s 61% Price Growth since June

The significant rise in the price of ETH from the month of June is quite remarkable. It has been better than Bitcoin as it has gained a 61% growth versus Bitcoin.

The value of ETH has been recording a significant rise ever since the month of June. The market valuation for ETH has also gained significant growth versus the valuation of Bitcoin.

ETH/BTC Price Chart

It was back in January of 2022 when the ETH price had managed to surpass the value of 0.077 BTC. However, ETH has managed to surpass it yet again.

The data shows that following the recent increment in value versus the BTC in terms of a 4-year high, it is just 12% off from that target.

According to the analysts, the bullish sentiments of the investors are growing in Ethereum. The ETH bulls are hoping that the digital asset may end up causing a flip. This means that ETH may end up overtaking BTC in terms of market capitalization.

Condition to be fulfilled for the Flip

However, if the flip is to happen, then the increase in the price of ETH must be 100%. If the price of ETH reaches $3,750, ETH will have surpassed BTC in terms of market valuation.

Even after hitting the high trading price of $3,750, ETH will be 23% below the $4,800 all-time high. ETH had hit its all-time high back in November 2021.

Other Metrics Confirm ETH’s Dominance

Even when we look at other metrics, Ethereum seems to be dominating BTC very easily.

The metrics include the number of transactions and the number of active addresses. Both metrics are dominated by ETH compared to the same metrics of BTC.

The data shows that it was in July when both indexes started taking flight and reached the skies. As of now, the active address lead ETH has over BTC is almost 100k active addresses.

Current Market Perception for ETH

For now, the cryptocurrency market analysts are suggesting that the resurgence they are observing for ETH may be short-lived. The reason behind the prediction is that they are observing users interact with ETH but not for the purpose of HODL.

Still, there is no firm speculation regarding the outcome of when the Merge comes into play. There are chances that ETH may end up surpassing Bitcoin and become the largest cryptocurrency by market valuation.

At the time of writing, the trading price of ETH is $1,871.38 as it has experienced a 6.11% surge in the past 7-days. As for Bitcoin, it stands at $24,003.87 having experienced just a 0.92% surge in the same period.