ETH crashes to four-year low against BTC
Ethereum’s blockchain transitioned from work-based security to a financialized security model on September 15, 2022. Since it forked to proof-of-stake (PoS), ether (ETH) has made new lows against bitcoin (BTC). The Merge (and earlier changes like EIP-1559) were supposed to cleanse the blockchain of its electricity-guzzling stigma, and the community latched onto the changes in ETH issuance as a new era for ETH as deflationary, “ultrasound money” Instead, the event simply marked one of the best-ever prices to have sold ETH for BTC . With the price of ETH now trading at a four-year low against BTC, consider these additional metrics of underperformance. Price Ether’s price — the first and most important metric — is a disappointing starting point. When it celebrated its move to PoS, it cost 0.074 BTC to buy one ETH. ETH then proceeded down a never-ending slide. Today, it costs just 0.022 BTC to buy one ETH — 70% cheaper than when it was secured by ...