Although – as expected by many – the Ethereum merge upgrade has turned out to be a buy the rumor, sell the news type event and many $ETH HODLers are dismayed that $ETH has fallen against the USD since the merger was completed down 10%, $ETH has performed well against both $USD and $BTC over the past three months.
On September 15 at around 7:00 UTC, the Ethereum merge upgrade was completed, which meant the Ethereum network transitioned from Proof-of-Work (PoW) consensus to Proof-of-Stake (PoS) consensus was.
Since then, $ETH has fallen from $1605 to $1349, a 15.95% loss against the USD.
As for Bitcoin, $BTC has since surged from $20,114 to $19,201, a 4.53% loss against the USD.
However, Ethereum looks much better if we look at a longer time horizon. Notably, $ETH has significantly outperformed $BTC over the past three months, with ETH-BTC rising from 0.054916 to 0.070360, meaning $ETH has outperformed $BTC by +28.12%.
One crypto analyst who tweeted today about how $ETH has outperformed $BTC since the lows they both hit on June 19 is Scott Melker:
I see many bitcoiners celebrating the drop in Ethereum price.
Ok, well, there you have it.
But ETH is still trading 50% above its lows, while Bitcoin is less than $1,000 up from June’s price, a few percent.
ETH is still well above average.
— The Wolf of All Streets (@scottmelker) September 19, 2022
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