ETH/BTC, the ratio of the value of Ethereum to the value of Bitcoin, is failing to recover from a multi-year bearish trend. Experienced Bitcoiner Tuur Demeester, author of the Bitcoin reform theory, noted that this crucial indicator lost more than a third of its value in two years.
ETH/BTC, the ratio of the value of Ethereum to the value of Bitcoin, is failing to recover from a multi-year bearish trend. Experienced Bitcoiner Tuur Demeester, author of the Bitcoin reform theory, noted that this crucial indicator lost more than a third of its value in two years.
ETH/BTC lost 36.4% after this reckless move: Tuur Demeester
The ETH/BTC metric is down 27.9% in 12 months, Tuur Demeester noted in his recent thread on X (formerly Twitter). This is the result of a prolonged bearish trend: in two years, Ethereum (ETH) lost 36.4% against Bitcoin (BTC).
Demeester emphasized that this timeline was chosen to demonstrate the long-term effects of Ethereum (ETH) migrating to proof-of-stake (PoS) consensus.
He recalled that Ethereum (ETH) managed to replace PoW with PoS 18 months ago, in mid-September 2022. After this revolutionary update was activated, Bitcoin (BTC) became the only major cryptocurrency that leverages proof of work (PoW). ). ) consensus.
As Guru-Investingpreviously reported, Ethereum (ETH) founder Vitalik Buterin called its now-obsolete proof-of-work version too vulnerable to centralization.
Buterin recalled that PoW was always nothing more than a “temporary stage” before the migration to proof-of-stake, which replaced mining with staking as a way to ensure blockchain consensus.
As of now, the Ethereum (ETH) proof-of-stake (PoS) ecosystem has over 1 million active validators, Guru-Investingreported in April.
Top trader Peter Brandt sees trend continuing
The Bitcoin Reformation author also recalled his August 2022 comment and called the Ethereum (ETH) migration a “reckless change.”
Demeester’s followers indicated that this metric may be different if we zoom out. For example, over a 10-year period, it would show a growth of 76,000% instead of a decline of 36.4%.
However, veteran trader Peter Brandt noted that in three years, ETH/BTC could be down 57%, according to Demeester’s model.
