Over the last weekend, the crypto market experienced massive selling pressure with Bitcoin, Ethereum, and other major cryptocurrencies hitting their lows. Among these Bitcoin was one of the worst hits and the currency is expected to be the same even during September.
Meanwhile, the upcoming days will be focused on Ethereum due to the scheduled merge as this will complete Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS). This is the reason that there is an anticipation that Ethereum might lead the crypto market in the days to come.
On the contrary, Bitcoin’s price movement has not been up to the mark. According to Joshua Lim, Head of Derivatives at Genesis Trading, though the BTC price is on a lower movement, Bitcoin Dominance is at multi-year highs. Also, the ETHBTC ratio is 0.0733 and the metric’s ATH is positioned at 0.0880.
When the selloff started in December of last year, the indicator was near its present levels.
The traders and investors are hoping for Ethereum to move towards $3,000 and $3,800 levels. The amount of option contracts placing bets on a rise in the cost of ETH is positioned at 3,4 million, while the number of contracts placing bets on a decrease in the price remains at 808,396.
On the other hand, the Bitcoin dominance metric is down by 40%. In the usual run, whenever the crypto market is on a bearish correction, Bitcoin dominance tends to move upwards. Hence this is yet to take place.
According to Lim, the current price movement of BTC is largely the result of entities gaining access to the asset. Organizations sell their Bitcoin when the macroeconomic outlook becomes bearish.