The past few days have seen the broader crypto market gain significant value as top crypto assets performed admirably. Bitcoin and Ethereum emerged as the biggest winners of the recent market recovery as their prices shot up following the market rally.
However, Ethereum appears to be the better winner between the two most prominent digital tokens, as the king of altcoins flipped over to Bitcoin. Ethereum currently dominates the market ahead of Bitcoin.
Ethereum’s upward trend is likely spurred by the upcoming Merge, which will happen in September. Still, the imminent Merge is not the only trigger for the price surge for the second-largest cryptocurrency.
Ethereum Becomes the Current Market Leader
Ethereum’s price rally has seen it surpass the $1,500 mark, and its market capitalization has also grown to more than $190 billion. With a 40% increase in value, Ethereum recorded its best day in the past couple of weeks.
The recent performance has catalyzed the tokens’ current market dominance. However, despite being the second-largest cryptocurrency in market capitalization, the asset has added new holders.
As a result, it has replaced Bitcoin as the flagship digital currency while Bitcoin struggles for relevance in the market given the current situation. Meanwhile, Ethereum’s performance has pushed its market cap to the biggest in the industry, pushing it ahead of Bitcoin.
Moreover, the past few days have been tough for Bitcoin as its grip on the market continues to decline. While Bitcoin faltered, Ethereum quickly soaked up the market share. Going by the current market situation, Ethereum is expected to steal more market share from Bitcoin.
ETH Pushes For $1,700 Price Mark
After its recent market dominance, Ethereum has breached the technical price point. Last month, ETH struggled to move past the 50-day moving average. However, the token managed to flip the critical technical level and is now standing above the zone.
The result is the rapid turn of the event, which moved Ethereum from the bearish to the bullish trend within a short period.
With its increasing value, the bears appear far from the token, with price recovery surpassing $1,500. The price movement is heading towards the next critical technical level.
However, the bears are mounting a comeback at $1,700 amid the recovery trend. For Ethereum to maintain its dominance, a break from this point is essential in the short run.
If Ethereum can outpace the resistance at $1,700, the next step for the token is to beat the $1,936 critical level.
At this point, the bears would not be able to mount severe resistance up to the $2,500 price benchmark. However, failure to beat the bear’s hurdle at $1,700 would send Ethereum to $1,300.
Amid the broader market correction, the asset has performed exceptionally well to warrant a place at the top of the price chart. Unlike the others, Ethereum could do well to drive its price higher in the coming weeks.