Although — as many expected — Ethereum’s Merge upgrade has turned out to be a “buy the rumor, sell the news” type event and many $ETH HODLers are dismayed that $ETH is down 10% vs USD since the Merge was completed, $ETH has performed well against both $USD and $BTC in the past three-month period.
Around 7:00 a.m. UTC on September 15, Ethereum’s Merge upgrade was completed, which meant that the Ethereum network had transitioned from proof-of-work (PoW) consensus to proof-of-stake (PoS) consensus.
Since then, $ETH has dropped from $1605 to $1349, which is a loss of 15.95% vs USD.
As for Bitcoin, since then, $BTC has gone from $20,114 to $19,201, which means a loss of 4.53% vs USD.
However, things look much better for Ethereum if we look at a longer time horizon. In particular, over the past three-month period, $ETH has greatly outperformed against $BTC, with ETH-BTC going from 0.054916 to 0.070360, which means that $ETH has outperformed $BTC by +28.12%.
One crypto analyst that tweeted earlier today about how $ETH has outperformed $BTC since the lows that both reached on June 19 is Scott Melker:
Featured Image via Pixabay