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Ethereum’s Dominance in the Crypto Market Is up 20% Following the Merge

Ethereum’s Dominance in the Crypto Market Is up 20% Following the Merge

Last updated 15th Dec 2022
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The Ethereum merge created a lot of Buzz, with every crypto lover patiently awaiting its arrival. The Merge has been a success, and Ethereum's dominance in the market is increasing. According to BanklessTimes.com, Ethereum's dominance in the crypto market is up 20% following the Merge.

Speaking on the data, BanklessTimes.com CEO Jonathan Merry said.

Ethereum dominance is rising as we expected. The environmentally friendly approach it took identifies well with crypto users. Besides, more people are adopting Ethereum than Bitcoin due to the Merge. The pace is set, and Ethereum will continue to rise. This is the ideal time to invest in this cryptocurrency because it is already showing bullish signals.
BanklessTimes CEO Jonathan Merry

Ethereum’s Crypto Space Take-Over

Currently, the blockchain is preparing for the Shanghai upgrade. Ethereum anticipates going through the "Surge," "Verge," and "Purge" after the Shanghai upgrade.

Surge is the application of "sharding" technology. The technology will enhance Ethereum's maximum transaction processing pace from 15 to 20 transactions per second to over 100,000.

Next is the verge, which is the planned application of a mathematical proof called "Verkle trees." The App will allow nodes on the blockchain to function without downloading the entire chain's history. Lastly, the purge will remove all legacy data from the chain. Combining these three improvements will create a better Ethereum blockchain.

Could Ethereum Overcome Bitcoin's Dominance?

Since the invention of cryptocurrency, Bitcoin has always dominated the space. However, the coin has experienced a significant drop in dominance since April. One factor that hurts Bitcoin is the critical concern of the impact it has on the environment as the coin uses a lot of energy.

Some have said that Ethereum will one day take Bitcoin's place in market capitalization, an event referred to as "the Flippening." Could the Merge be what causes this much-anticipated switch?

The post-Merge era will be very critical for Ethereum. The coin is expected to hit new all-time highs as it takes over the crypto space.

Elizabeth Kerr

Elizabeth Kerr

Elizabeth is a financial content specialist from Manchester. Her specialities include cryptocurrency, data analysis and financial regulation.