Ether's recent underperformance stems from traders rotating money out of ETH and into bitcoin, as well as caution ahead of the Merge. By godbole17
With the U.S. dollar restrained and Ethereum's supposedly-bullish upgrade, the Merge, almost here, stars seem aligned in favor of ether . And yet, the native token of Ethereum's blockchain has been underperforming bitcoin since Friday.
The ETH/BTC ratio topped 0.085 on Sept. 7, the highest since December, amounting to a 73% rally from July lows as traders piled into ether ahead of the long-awaited Merge. Bitcoin's dominance rate refers to the leading cryptocurrency's share in the broader crypto market. The dominance rate crashed from roughly 49% to 39% in nearly three months to Sept. 8 as the impending Merge drew a demand for ether.
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