Ethereum Outperforms Bitcoin as ETH Rises Above $1,600 While BTC Remains at $20K

After dipping below the $20k range yesterday, Bitcoin regained support this Friday. On the other hand, Ethereum continues to outperform Bitcoin in terms of price action, as the cryptocurrency gained 4% in the past 24 hours, rising above the $1,600 level. The upcoming network merge for ETH is nearing and is the primary reason for Ethereum’s positive performance this week.

Key Points:

  • Ethereum outperforms Bitcoin in price action as the network merge is coming soon.
  • Bitcoin rises back above $20k while ETHUSD surpasses $1,600.
  • Ethereum’s market cap continues to grow while Bitcoin’s remains relatively flat.
  • Michael Saylor is having a terrible year with massive losses due to Bitcoin’s crash and issues with the government.
  • The Crypto market is inching closer to $1 trillion, suggesting that the bulls are entering the playing field.

All eyes are on Ether this month as the upcoming network merge in several weeks will mark a significant milestone for the network. Ethereum will be the largest proof-of-stake network and create ample opportunity for traders to capitalize on a potential bull run that will likely ensue in Q4 2022.

Moreover, Ethereum’s market cap has been steadily rising while Bitcoin’s remains flat. A few weeks ago, Ether surpassed half of Bitcoin’s market cap. If Ethereum continues to outperform Bitcoin in price action, we could see ETHUSD overtake BTCUSD in market cap as early as next year. This would mark the first time Bitcoin would be dethroned in an event dubbed “The Flippening.”

This week’s big news regarding Bitcoin is Michael Saylor’s trouble with the government, as he’s being sued for tax fraud. Michael Saylor is one of Bitcoin’s most prominent proponents, and in addition to losing over $1.3 billion in value from this year’s Bitcoin crash, the tax fraud allegations aren’t helping his case in any way.

Saylor is having one of the worst years in 2022, but that doesn’t mean that he and his company, MicroStrategy, won’t recover from the calamities soon.

Looking at technical indicators like trading volume, Bitcoin and Ethereum are seeing little change in the 24-hour volume this Friday, suggesting that the market will continue to trade sideways throughout the weekend.

Related Post

In addition, looking at’s crypto fear and greed index, the current level is at 25, still in extreme fear but less drastic than yesterday, where it hit as low as 20.

While the overall sentiment remains bearish, the downward pressure seems to have alleviated this Friday, and the markets will likely see little changes this weekend.

The global cryptocurrency market is also showing some bullish momentum, with its valuation inching closer to $1 trillion once again, currently at $988.58 billion, up 2.08% in the past 24 hours.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: mthipsorn/123RF // Image Effects by Colorcinch

Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Published by
Mark Arguinbaev

Recent Posts

A trader who called the 2010 crypto crash revealed BTC’s next price target and eyeing Tradecurve for massive growth potential

Bitcoin is heading in a downward direction, as its value can decrease by the end…

11 hours ago

Investors pour into TMS Network (TMSN) Even as booming GameFi industry grows Decentraland (MANA) and Shiba Inu (SHIB)

2023 is poised to be the year of GameFi's remarkable rise, bringing exciting opportunities for…

18 hours ago

TMS Network (TMSN) Crypto Shatters Records, Defeating Avalanche (AVAX) and Aave (AAVE)

In the world of cryptocurrencies, a new player has emerged, shaking the foundations of the…

18 hours ago

Web 3.0 HedgeUp (HDUP) Goes Viral Due to Outshine and LBank

In the era of Web 3.0, the cyberspace landscape has been transformed by blockchain and…

20 hours ago

Hotbit shuts down; traders are looking at Tradecurve

Exchanges for cryptocurrencies have grown to be essential parts of the ecosystem since they give…

1 day ago

Crypto Price Today: HedgeUp Presale Trades at $0.020 After Raising $1.8M, Will Solana Reach $300?

The financial news of late has been ripe with stories on crypto, with many investors…

2 days ago