Since June bottom, Ethereum has outperformed Bitcoin by nearly 100%

    Since they both reached their lowest point in more than two years in June, Ethereum (ETH) has risen to greater heights than Bitcoin (BTC). As the crypto market continued to be embroiled in a carnage on June 19, Bitcoin prices plummeted to $17,601, while Ethereum prices fell to $880.93. The news coming out of the Federal Reserve (Fed) concerning interest rate rises was still fresh at the moment, which had a negative effect on the value of cryptocurrencies.

    On the other hand, based on the rising momentum that has been seen, the two top cryptocurrencies have successfully survived the storm. ETH has had a price increase of 97.8%, which is much more than Bitcoin’s 24.7%.

    According to CoinMarketCap, the price of Ethereum remained quite stable throughout intraday trade, remaining around $1,743 the whole time. During the same time period, the price of bitcoin was trading at $21,939. The key reason that has ETH in the driver’s seat is the much-anticipated merging that is scheduled to take place the following month.

    The merge, which refers to the shift from a proof-of-work (PoW) consensus method to a proof-of-stake (PoS) consensus mechanism, is widely considered to be the most significant software update in the Ethereum ecosystem. Despite this, it has been difficult to locate ever since it was introduced in December of 2020.

    Vitalik Buterin, one of the co-founders of Ethereum, recently dropped a hint that the integration might take place around September 15.

    A research analyst at CryptoCompare named Jacob Joseph made the following observation: As we go closer to the Merge, it is logical to expect that Ethereum may still have room for more gains. Notwithstanding this, Joseph saw that the level of $2,000 had developed into a considerable point of resistance. He said:

    “However… $2,000 has shown itself to be a big hurdle for Ether, and the asset needs more wind behind its sails in order to breach that level.”

    As soon as the merging is completed, the Proof-of-Stake (PoS) method will make it possible to confirm blocks in a manner that is both more cost-effective and less harmful to the environment. This is because validators would stake ether rather than solve a cryptographic problem.

    Latest stories

    - Advertisement - spot_img

    You might also like...