{"id":57522,"date":"2022-08-08T11:48:57","date_gmt":"2022-08-08T15:48:57","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=57522"},"modified":"2022-08-08T11:49:50","modified_gmt":"2022-08-08T15:49:50","slug":"crypto-update-it-aint-over-yet","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2022\/08\/crypto-update-it-aint-over-yet\/","title":{"rendered":"Crypto Update: It Ain't Over Yet"},"content":{"rendered":"

It was a close call this May with a doom-saying title \u201cCrypto Apocalypse?\u201d<\/a> where I shared with you an annihilating model for Ethereum<\/a> and a bearish chart of Bitcoin<\/a>.<\/p>\n

Let us see what happened in the crypto market since then in the chart below.<\/p>\n

\"Crypto<\/a>
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Source: TradingView<\/em><\/center><\/small><\/p>\n

Total crypto market cap had skyrocketed to the maximum of just over $3 trillion last November. Since then, almost \u00be of the total market cap has evaporated on the crypto crash down to $762 billion this June. That hurts! <\/p>\n

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More than $2 trillion of wealth was destroyed during that collapse. Some people were calling it a \u201ccrypto-winter\u201d of the market. All of us have probably noticed that less videos and posts with clickbait titles on \u201chow to become a crypto-millionaire\u201d or new rising stars in the crypto-market have been popping up on social media lately.<\/p>\n

In the next market share chart, let's check the status quo of the market leaders. <\/p>\n

\"BTC<\/a>
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Source: TradingView<\/em><\/center><\/small><\/p>\n

During the collapse of the market, the main coin (orange) has managed to increase its market share tremendously from 40% up to 48% on the peak in June. How could that happen as it was bleeding alongside the whole market? The speed of the drop is the main reason.<\/p>\n

Bitcoin was falling slower than the rest of the market as some coins, even in top 20 tier, were busted very rapidly. Just look at the second largest coin Ethereum, it was losing its market share badly from 22% down to 15%, a level unseen since last January. <\/p>\n

These days, both top coins are moving back to its historic boundaries. So, the status quo of the market remains unchanged. Bitcoin has a small surplus and Ethereum is leaking wounds as it is still in the red. However, the latter could take this chance to bounce off the valley to break up this long standing equilibrium. <\/p>\n

Watch the Ethereum merge set for September 19th when the Ethereum completes its transition from the energy-intensive proof-of-work (PoW) consensus mechanism to a more environment-friendly proof-of-stake(PoS) mechanism.<\/p>\n

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Do you think Ethereum could take the market share from Bitcoin after the transition to PoS?<\/strong><\/p>