Bitcoin retests $21K as it takes back ground from Ethereum ahead of The Merge Bitcoin retests $21K as it takes back ground from Ethereum ahead of The Merge
Ethereum loses 0.8 BTC as Bitcoin leads the rally going into the last weekend before The Merge
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Updated: Sep. 9, 2022 at 12:44 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin is up 10.3% on the day following an overnight rally taking it back over $20,000 and testing the $21,000 resistance.
Interestingly, the ETH-BTC chart shows that Ethereum gave up its recent gains against Bitcoin — falling 4% on the day. Ethereum rose 4.5% against the Dollar overnight but fell by a similar amount against Bitcoin. Ethereum had reached 0.84 BTC but is now trading at 0.81, still 5% up since the start of September.
Following the issues related to the ChainID for the ETHPoW chain, along with some validators on the Beacon Chain being unable to update, it is possible Bitcoin’s rally is driven by fear among ETH holders. The price movement in ETH-BTC suggests that holders are selling ETH for BTC.
Bitcoin Market Data
At the time of press 12:44 pm UTC on Sep. 9, 2022, Bitcoin is ranked #1 by market cap and the price is up 8.79% over the past 24 hours. Bitcoin has a market capitalization of $402.13 billion with a 24-hour trading volume of $43.54 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 12:44 pm UTC on Sep. 9, 2022, the total crypto market is valued at at $1.03 trillion with a 24-hour volume of $89.8 billion. Bitcoin dominance is currently at 38.84%. Learn more about the crypto market ›
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Author 
Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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