ether ETH/USD underwent one major software update called The Merge on Thursday, which drastically reduces the energy required to create new tokens and changes the way transactions are processed.
Notwithstanding talks of a crypto surge, ether is down about 13% since The Merge. Part of the weakness may also have to do with macroeconomic uncertainty, which triggered a broader sell-off in financial assets.
The merger could prove salutary Bitcoin BTC/USDthe Apex cryptocurrency, according to MicroStrategy, Inc. MSTR chairman Michael Sailor, Bloomberg reported.
Bitcoin now accounts for 95% of the total market value of tokens using proof-of-work — the only proven way to create a digital good, Saylor reportedly said via video conference in Australia, the report said.
“I see bitcoin getting stronger, not weaker,” he noted.
While Ethereum has switched to proof-of-stake, bitcoin mining is done with proof-of-work, which consumes significantly more power.
Bitcoin currently has a market cap of $381.49 million, according to CoinMarketCap, compared to second-ranked Ethereum’s $175.84 million. The “green credentials” could help Ethereum’s native currency – ether – topple Bitcoin in the future, Bloomberg said, citing analysts.
At last check, Bitcoin is up 1.20% to $19,918.87, while Ethereum slipped 0.51% to $1,442.20, according to data Benzinga Pro data.
