The attached overview from Coin360 illustrates the development of the crypto market over the past seven days: finally, on balance, green numbers on the board again. The total crypto market cap currently amounts to $1,047 billion, which is significantly higher than that of the previous week. However, Bitcoin’s market dominance rose to 41.3%.
Bitcoin’s market cap increased from $395 billion to $440 billion. The market dominance of Ethereum (ETH), on the other hand, made a spurt to 18.1%, while the market cap of the number 2 coin rose sharply to $1,558 billion.
Ethereum steals the show with +40% weekly rise
Ethereum stole the crypto show last 7 days by rising about 40% on balance. Some analysts attribute the increased interest to the impending merge.
During an open call for developers, Ethereum developer Tim Beiko suggested Sept. 19 that the network might finally migrate from proof-of-work to a proof-of-stake protocol.
Since April this year, Ethereum has been running two parallel blockchains: one blockchain that operates through the proof-of-work consensus model, and a test blockchain that operates through proof of stake.
The merge will combine the old Ethereum Mainnet blockchain (ETH1) with the new Beacon Chain (ETH2) into one merged blockchain.
Be that as it may, since the low of $881.56 on June 18, Ethereum has risen nearly 100%. That gives crypto investors renewed courage. Whether Ethereum can single-handedly pull the cryptocurrency back up, however, remains to be seen. Nevertheless, Ethereum has set a good example.