Ether Underperforms Bitcoin Since The Merge: Report
According to analysts, since the Ethereum blockchain’s transition to a proof-of-stake network, known as “The Merge,” almost two years ago, Ether has performed significantly worse than Bitcoin, with a difference of up to 44%.
This is especially noteworthy as it comes after the approval of Ethereum spot exchange-traded funds (ETFs) in the US on July 23. Currently, the ETH/BTC price is at 0.0425, its lowest level since April 2021.
However, it’s not just Bitcoin that Ether has underperformed since the switch to proof-of-stake.
Other cryptocurrencies like Solana and BNB have also outperformed it, with a difference of 53% and 18%, respectively, according to CryptoQuant analysts.
They also predict that Ether could continue to decline in relation to Bitcoin, as it is still considered overvalued.
