U.Today – , the ratio between the value of ' and the value of ' fails 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
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 U.Today previously 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, U.Today reported in April.
Top trader Peter Brandt sees trend continuing
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.
This article was originally published on U.Today.
