The Ethereum ETH/USD to Bitcoin BTC/USD ratio hit a 2022 high on Tuesday as the first stage of the Merge went live.
What Happened: Data from TradingView shows that the ETH/BTC ratio reached a high of 0.084 for the first time since December 2021.
The ratio represents 1 BTC priced in ETH and the higher value is indicative of how much ETH is outperforming BTC.
ETH outperformed the market-leading cryptocurrency and other major altcoins on Tuesday after the Bellatrix upgrade went live on the Beacon Chain, signaling the start of the Merge to Proof-of-Stake.
See Also: Vitalik Buterin: Merge May Not Be Happening Today But It’s Still An Important Day
The Bellatrix upgrade is the first phase of the Merge which prepares the network for the subsequent transition.
Those holding Spot $ETH have started to slowly sell their positions whilst traders are actively increasing their Margined Longs pushing up the price… Merge is in a couple days, good luck! pic.twitter.com/QT0RrM51Sw
— brigadier.near (@BrigadierNear) September 6, 2022
Bitcoin dominance also reached an all-time low in the weeks leading up to the Merge, noted analysts at Arcane Research in a recent report.
“September has started with varying returns among our indexes. Bitcoin has started the month the worst and is down 1%. All other indexes are in the positive territory, with the Large Caps gaining 1%, the Small Caps 2%, and the Mid Caps 7%,” stated the report.
Price Action: At press time, ETH was trading at $1,511, down 7.76% in 24 hours as per data from Benzinga Pro. BTC was trading at $18,710, down 5.38% over the same period.
Image and article originally from www.benzinga.com. Read the original article here.