Ethereum hits 2022 highs versus Bitcoin ahead of The Merge
Decrypt • November 08, 2022
Ethereum's upgrade, The Merge, is providing a bullish trend for the cryptocurrency. The imminent transition towards a complete Proof-of-Stake network seems to be a driver for Ethereum’s price trading upwards against Bitcoin.
Coinmarketcap reports an ETH/BTC ratio of 0.08476 Bitcoin per Ethereum, a four-year high. The so-called flippening between Bitcoin and Ethereum is still far away. Bitcoin’s market capitalization of 394 billion is substantially higher than Ethereum's 200 billion dollars.
Dan Held, Head of Growth at one of the oldest cryptocurrency exchanges Kraken, claims The Merge is putting pressure on Bitcoin, highlighting its energy usage in the Proof-of-Work consensus compared to the eco-friendlier Proof-of-Stake consensus mechanism.