Ethereum To Bitcoin Ratio Hits 2022 HighAdmin
According to TradingView, the ratio of the two leading cryptocurrencies, ether (ETH) and bitcoin (BTC) has risen to its highest levels in 2022. On the afternoon of September 6, it was fixed at 0.0843. The last time such a level was noted was in December 2021. Thus, this parameter increased by 58% from 0.053, noted in mid-July this year. At current values, 1 BTC is worth about 12 ETH.
According to historical data, the ETH: BTC ratio exceeded 0.1 in June 2017 and January 2018. However, experts noted that in order to reach such a price proportion now, it is necessary to overcome 0.159. The fact is that during this time the circulating supply of both virtual assets has changed since the number of ETH and BTC coins in circulation varies over time.
The Ethereum community has linked the growth of this indicator with the upcoming network merger. Many users have been talking for almost a year now that sooner or later a revolution will happen in this tandem. Then the ether will overtake bitcoin in terms of capitalization and value. The Merge procedure is scheduled for the period between September 13 and 15, 2022, however, the preparatory part of the event will take place today. At the first stage of the Bellatrix update, the consensus algorithm will be updated on the Ethereum network.
Many users said that the merger will be the key and most important event of 2022 in the cryptocurrency industry. This is because it will bring several key changes to the network. The main ones are: a reduction in energy consumption by 99.99% and a decrease in the emission of coins.