Cryptocurrency

Ethereum prints year-to-date high vs Bitcoin after Bellatrix hard fork ahead of The Merge

Ethereum has risen 15.6% against Bitcoin since the beginning of September and is up 6% on the day. The ETH-BTC chart this year hit 0.84 BTC for the first time since December 2021 after he dropped to 0.49 BTC in June.

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Source: Trading View

The Bellatrix hard fork went live today, preparing the network for The Merge on September 13-15. The news that the upgrade went without a hitch seems to have boosted the market as the price of Ethereum hit his $1,680 mark and he was up 6% on the day.

Bitcoin’s price has barely moved, rising just 0.92% for the day, allowing Ethereum to take a small step towards its target of $3,850.

Across the broader market, Ethereum has not gained as much dominance as Bitcoin. $ETH has a dominance of 20.9%, just 0.2% behind its annual high.

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Source: Trading View

Today’s price action is a rare case of selling rumors and buying news, the exact opposite of the old adage about market behavior. The scale of The Merge and the moving parts that need to be adjusted are unprecedented. The trust given to the network by seeing the Bellatrix hard fork take place on the beacon chain is now reflected in the price.

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