2024

Bitcoin

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ETH/BTC, the ratio between Ethereum's value and Bitcoin'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.
<h2 id="eth-btc-lost-36-4-after-this-reckless-move-tuur-demeester">ETH/BTC lost 36.4% after this reckless move: Tuur Demeester</h2>
The ETH/BTC metric is 27.9% down in 12 months, Tuur Demeester noticed in his recent thread on X (formerly Twitter). This is the result of a prolonged downtrend: In two years, Ethereum (ETH) lost 36.4% against Bitcoin (BTC).
<blockquote>
 ETH/BTC1 week: -3.2%1 month: -5.2%3 months: -8.2%6 months: -13.7%1 year: -27.9%2 years: -36.4%— Tuur Demeester (@TuurDemeester) <a href="https://twitter.com/TuurDemeester/status/1788920666223186060?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 10, 2024</a>
</blockquote>
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 <a href="https://u.today/ethereum-eth-smashes-major-milestone-of-1-million-validators" rel="noopener noreferrer nofollow">reported</a> in April.
<h2 id="top-trader-peter-brandt-foresees-continuation-of-trend">Top trader Peter Brandt foresees continuation of trend</h2>
The Bitcoin Reformation author also recalled his August 2022 comment and called the Ethereum (ETH) migration a "reckless switch."
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.
<blockquote>
 3 years forward projection: -57%— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1788993958737244350?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 10, 2024</a>
</blockquote>
However, veteran trader Peter Brandt noticed that in three years, ETH/BTC might be 57% down, according to Demeester's model.

ETH/BTC: Tuur Demeester Registers Surprising Pattern

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