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What’s next for Bitcoin and the crypto market now that the Ethereum Merge is over?

The Ethereum Merge came and went, leaving investors to ponder what the next trending development in the market could look like. In a Cointelegraph Twitter Space with Capriole founder Charles Edwards, the analyst mentioned that excitement over the Ethereum Merge and its bullish price action had somewhat been holding up hope across the market. Now that the event has come and gone, the crypto market has been selling off, with Bitcoin’s (BTC) price trading below $20,000 and Ether’s (ETH) under $1,500. 

Eventually, new narratives and market trends will emerge, and if the fundamentals are right, traders will rotate funds as these new leaders emerge.

Let’s take a look at a few potential trends.

Where will the former ETH miners go?

The Ethereum network successfully shifted to a proof-of-stake (PoS) model, meaning miners are out of pocket but still possibly in possession of their GPUs and ASICs mining infrastructure. It’s possible that some miners might elect to mine on a different chain instead of selling their gear.

While they haven’t settled on any particular chain just yet, Ravencoin, Flux, Ethereum Classic and Ergo seem to be the frontrunners. Leading into the Merge, each network saw its hash rate rise to new all-time highs, as shown below.

ETC hashrate. Source: 2MinersERG hashrate. Source: 2MinersRVN hashrate. Source: 2MinersFLUX hashrate. Source: 2Miners

Prices of each altcoin also rallied over the past month, with Ravencoin’s RVN up 169%, Ergo’s ERG added 132%, Flux gained 156%, and Ethereum Classic’s ETC rallied 135% in the past 90-days.

Interestingly, the hash rate and price dropped sharply on Sept.15, and at the time of writing, just Flux and RVN appear to be rebounding. Over the coming weeks and months, it will be interesting to see which network miners possibly select as their new home and the impact this has on the cryptocurrency’s price.

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