The second-biggest cryptocurrency is taking market share from bitcoin ahead of an all-important "Merge" software upgrade that could sharply reduce the energy usage of its Ethereum blockchain, should the developers pull it off in coming days.
As for price, one ether is now worth 0.082 bitcoin , near December 2021 highs and sharply above the 2022 low of 0.049 in June. The Merge, expected to take place on Thursday after several delays, could lead to wider use of the blockchain, potentially boosting ether's price - although nothing is certain in a capricious crypto market.Ethereum forms the backbone of much of the "Web3" vision of an internet where crypto takes centre stage, powering applications involving crypto offshoots such as decentralised finance and non-fungible tokens - although this much-hyped dream is still unrealised.
"We're going to see attractiveness to some investors who are concerned about energy consumption," said Doug Schwenk, CEO of Digital Asset Research, although he cautioned that ether was still a long way behind bitcoin.The diminishing bitcoin dominance in crypto's current bear market is a departure from previous market cycles when investors sold lesser tokens - "altcoins" - in favor of the more liquid and reliable bitcoin.
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