Bitcoin Dominance Reaches All-Time Lows As The Merge Nears

The mythical merge is almost here. Ethereum’s transition from Proof-Of-Work to Proof-Of-Stake is the most talked about event in crypto at the moment, and money is flowing to that blockchain. That, in turn, translated into a decrease in bitcoin dominance. That metric measures the percentage of the whole crypto market that bitcoin represents, and it’s currently “down at levels not seen since 2018.” Which makes sense. Because the merge is almost here and everyone placed their bets. Related Reading: WATCH: Ethereum Gains Momentum Ahead Of The Merge | ETHUSD September 6, 2022 According to Arcane Research’s The Weekly Update, “the all-time low occurred during the ICO craze in January 2018.” Which makes sense, because ICOs were the talk of the town at the moment. That impetus eventually fizzled out, however. Can we expect the same out of the merge? On the one hand, this is a structural change on Ethereum as a whole, so it’s more important than ICOs ever were. On the other hand, stakes are higher and there are no guarantees that the merge will work out as planned. The Merge Isn’t The Only Factor Before advancing, let’s explore Arcane Research’s stats: “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%.” So, everyone and their mothers gained grou...