That ether ETH/USD to Bitcoin BTC/USD Ratio hit a high of 2022 on Tuesday as the first phase of the merger went live.
What happened: Data from TradingView shows that the ETH/BTC ratio peaked at 0.084 for the first time since December 2021.
The ratio represents 1 BTC priced into ETH, and the higher value shows how much ETH outperforms BTC.
ETH surpassed the market-leading cryptocurrency and other major altcoins on Tuesday after the Bellatrix upgrade went live on the Beacon Chain, signaling the start of its merger with Proof-of-Stake.
See also: Vitalik Buterin: The merger may not happen today, but it’s still an important day
The Bellatrix upgrade is the first phase of the merger, preparing the network for the subsequent transition.
Those who hold spot $ETH have started to slowly sell their positions while traders are actively adding to their margined longs, which is driving the price higher… Merger is in a few days, good luck! pic.twitter.com/QT0RrM51Sw
— Brigadier.Near (@BrigadierNear) September 6, 2022
Bitcoin dominance also hit an all-time low in the weeks leading up to the merger, analysts at Arcane Research recently noted Report.
“September started with mixed returns across our indices. Bitcoin started the month worst, falling 1%. All other indices are in positive territory, with large cap up 1%, small cap up 2% and mid cap up 7%,” the report said.
Price promotion: At press time, ETH is trading at $1,511, down 7.76% in 24 hours, according to data from Gasoline Pro. BTC traded at $18,710, down 5.38% over the same period.
