U.Today – , the ratio between ‘s value and ‘s value, fails to recover from a multi-year downtrend. Seasoned Bitcoiner Tuur Demeester, author of Bitcoin Reformation theory, noticed that this crucial indicator lost over one third of its value in two years.
ETH/BTC lost 36.4% after this reckless move: Tuur Demeester
Demeester stressed that this timeline was chosen to demonstrate the long-term effects of Ethereum’s (ETH) migration to the 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 game-changing upgrade was activated, Bitcoin (BTC) became the only major cryptocurrency leveraging the proof-of-work (PoW) consensus.
As covered by U.Today previously, Ethereum (ETH) founder Vitalik Buterin called its now-deprecated proof-of-work version too vulnerable to centralization.
Buterin recalled that PoW always was nothing but a “temporary stage” before migration to proof of stake, which replaced mining with staking as a way to secure blockchain consensus.
As of now, Ethereum’s (ETH) proof-of-stake (PoS) ecosystem features more than 1 million active validators, U.Today reported in April.
Top trader Peter Brandt foresees continuation of trend
Followers of Demeester indicated that this metric can be different should we zoom out. For instance, on a 10-year time frame, it would demonstrate 76,000% growth instead of a 36.4% decrease.
However, veteran trader Peter Brandt noticed that in three years, ETH/BTC might be 57% down, according to Demeester’s model.