New Delhi, Agency. crypto market (crypto) Cryptocurrency since the launch of (cryptocurrency) as bitcoin (Bitcoin) It has maintained its dominance in this field. However, now Bitcoin is replaced by Ethereum as the world’s second largest currency. (Ethereum) Challenged from.

According to the news agency Reuters, Ethereum is planning a software update after a few days. The Ethereum Foundation calls this the ‘Ethereum Merge’. According to the report, Ethereum will become the second largest cryptocurrency deflationary after a possible merge event.

Ethereum value increased in crypto market

data platform CoinMarketCap As per reports, the value of bitcoin in the crypto market has fallen from 47.5 percent in the month to 39.1 percent in the middle of June this year. Ethereum, on the other hand, has risen from 16 percent to 20.5 percent. At the time of January 2021, the dominance of bitcoin in the crypto market was 72 percent while that of ethereum was 10 percent in the market.

Joseph Edwards, head of financial strategy at fund management firm Solarise Finance, said: “Given the success of the Ethereum network, customers are now increasingly viewing Ethereum as an essential safe asset. Please note that the merger is expected on Wednesday. The merge could potentially increase the price of Ether as well. However, nothing is certain in the crypto market.

bitcoin is still number-1

Doug Schwenk, CEO of Digital Asset Research, said: “We continue to see some investor interest in Ether. However, he cautioned that Ether still lags far behind Bitcoin. Let us tell you that bitcoin is still the most famous cryptocurrency. Bitcoin has a market cap of $427 billion in the market. At the same time, Ether has a market cap of $210 billion. Some market participants say that bitcoin’s hold on the crypto crown (number-1) is still strong.

Edited By: Piyush Kumar