In the last 30 days leading up to the Merge, Ethereum has lost significant market share.
Despite the Merge upgrade’s flawless execution last week, Ethereum’s valuation appears to be on the decline. Ethereum had a market dominance of about 19.5% on August 14, 2022, when the price of 1 ETH reached $1,996. However, despite the switch from proof-of-work to proof-of-stake only taking place a few days ago, the market dominance has already fallen 9.5% lower to 17.65%.
At $1315.82, ETH is currently trading at its lowest price since late July. The price of the second-largest cryptocurrency has dropped by 24.58% over the past seven days and 8.16% over the past 24 hours.