Ethereum prints year-to-date high vs Bitcoin after Bellatrix hard fork ahead of The Merge Ethereum prints year-to-date high vs Bitcoin after Bellatrix hard fork ahead of The Merge
Ethereum continues to gain ground, up 6% on Bitcoin as the Bellatrix upgrade readies the network for the Merge later this month.
2 min read
Updated: Sep. 6, 2022 at 3:13 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ethereum has gained 15.6% against Bitcoin since the start of September and is up 6% on the day. The ETH-BTC chart has hit 0.84 BTC for the first time since December 2021 after falling to 0.49 BTC in June of this year.
The Bellatrix hard fork went live today, preparing the network for The Merge between Sept. 13-15. News of the upgrade going off without a hitch appears to have buoyed the market as the Ethereum price hit $1,680, up 6% on the day.
The Bitcoin price is largely unmoved, up just 0.92% on the day, allowing Ethereum to take a small step towards the flippening target of $3,850.
Across the broader market, Ethereum has not quite increased its dominance to the same degree as it has against Bitcoin. $ETH dominance is 20.9%, just 0.2% shy of the yearly high.
Today’s price action is a rare case of selling the rumor and buying the news, the opposite of the old adage in market moves. The scale of The Merge and the moving parts that need to be coordinated is unprecedented. The confidence given to the network by seeing the Bellatrix hard fork take place on the Beacon Chain is now reflected in the price.
Ethereum Market Data
At the time of press 3:13 pm UTC on Sep. 6, 2022, Ethereum is ranked #2 by market cap and the price is up 4.2% over the past 24 hours. Ethereum has a market capitalization of $200.75 billion with a 24-hour trading volume of $19.95 billion. Learn more about Ethereum ›
Crypto Market Summary
At the time of press 3:13 pm UTC on Sep. 6, 2022, the total crypto market is valued at at $987.59 billion with a 24-hour volume of $76.05 billion. Bitcoin dominance is currently at 38.25%. Learn more about the crypto market ›
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Posted In: Merge, Price Watch
Author 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin
$97,605.08
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.