ETH's Value Against BTC Plummets 45% Post-Merge: Report
CryptoNewsTerminal Staff16 May, 2024
ETH's Value Against BTC Plummets 45% Post-Merge: Report
Ethereum's (ETH) value against Bitcoin (BTC) has reportedly plummeted 45% since its transition to proof-of-stake (PoS) via the Merge upgrade. This notable development comes amidst a broader crypto market rally over the past 18 months, during which ETH had outperformed BTC in terms of price appreciation. According to Joe McCann, founder of crypto fund Asymmetric, the anticipated "flippening" scenario, where ETH's market cap would exceed BTC's, now seems like a distant dream. Instead, Bitcoin is being touted as "ultra sound money" and Solana as a "global supercomputer," while Ethereum struggles to fit into a clear category. The term "ultra sound money" emerged within the Ethereum community after the introduction of EIP-1559, an automatic ETH burn mechanism designed to make the token scarcer and more valuable over time. However, the post-Merge performance suggests that this narrative may need to be revisited.
