Ethereum
Tuur Demeester records a surprising pattern
Vladislav Sopov
Veteran Bitcoin (BTC) Investor Tuur Demeester Demonstrates Downward Macro Trend on ETH/BTC Pair, Slams 2022 PoS Upgrade
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ETH/BTC, the ratio of the value of Ethereum to the value of Bitcoin, is failing to recover from a multi-year downward trend. Seasoned Bitcoiner Tuur Demeester, author of the Bitcoin reform theory, noticed that this crucial indicator has 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 downward trend: in two years, Ethereum (ETH) has lost 36.4% against Bitcoin (BTC).
Demeester emphasized that this timeline was chosen to demonstrate the long-term effects of migrating from Ethereum (ETH) 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 the activation of this revolutionary upgrade, Bitcoin (BTC) became the only crypto- major currency leveraging proof of work (PoW). ) consensus.
As previously reported by U.Today, Ethereum (ETH) founder Vitalik Buterin called his now-obsolete version of proof-of-work too vulnerable to centralization.
Buterin recalled that PoW was always only a “temporary step” before the migration to proof-of-stake, which replaced mining with staking as a way to achieve consensus on the blockchain.
Currently, Ethereum’s (ETH) proof-of-stake (PoS) ecosystem has over 1 million active validators, according to U.Today reported in April.
Top trader Peter Brandt expects trend to continue
The Bitcoin Reformation author also recalled his August 2022 comment and called the Ethereum (ETH) migration a “reckless change.”
Demeester followers have indicated that this metric may be different if we zoom out. For example, over a 10 year period, this would show a growth of 76,000% instead of a decrease of 36.4%.
However, veteran trader Peter Brandt noticed that in three years, ETH/BTC could fall by 57%, according to Demeester’s model.
About the Author
Vladislav Sopov
Blockchain analyst and writer with a scientific background. 6+ years in computer analysis, 3+ years in blockchain.
Worked in independent analyzes as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)