The $Ethereum (ETH.CC)$ to $Bitcoin (BTC.CC)$ ratio hit a 2022 high on Tuesday as the first stage of the Merge went live.

What Happened: Data from TradingView shows that the ETH/BTC ratio reached a high of 0.084 for the first time since December 2021.

The ratio represents 1 BTC priced in ETH and the higher value is indicative of how much ETH is outperforming BTC.

ETH outperformed the market-leading cryptocurrency and other major altcoins on Tuesday after the Bellatrix upgrade went live on the Beacon Chain, signaling the start of the Merge to Proof-of-Stake.

The Bellatrix upgrade is the first phase of the Merge which prepares the network for the subsequent transition.

Bitcoin dominance also reached an all-time low in the weeks leading up to the Merge, noted analysts at Arcane Research in a recent report.

September has started with varying returns among our indexes. Bitcoin has started the month the worst and is down 1%. All other indexes are in the positive territory, with the Large Caps gaining 1%, the Small Caps 2%, and the Mid Caps 7%."

- stated the report.

Price Action: At press time, ETH was trading at $1,511, down 7.76% in 24 hours as per data from Benzinga Pro. BTC was trading at $18,710, down 5.38% over the same period.