{"id":226203,"date":"2022-03-22T21:00:59","date_gmt":"2022-03-22T21:00:59","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=226203"},"modified":"2022-03-22T21:03:27","modified_gmt":"2022-03-22T21:03:27","slug":"ethereum-buoyed-by-merge-upgrade-is-currently-outperforming-bitcoin","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ethereum-buoyed-by-merge-upgrade-is-currently-outperforming-bitcoin\/","title":{"rendered":"Ethereum, buoyed by Merge upgrade, is currently outperforming Bitcoin"},"content":{"rendered":"

The promise of migration to a Proof of Stake network for Ethereum<\/a> is positively affecting its price performance. For the first time in two weeks, ETH has crossed the $3,000 barrier and is now outperforming Bitcoin.<\/p>\n

While the talks of the transition have been going on for a long time, recent developments on the networks show that the event is a matter of months away.<\/p>\n

Investors\u2019 optimism about Ethereum grows<\/h2>\n

When complete, it\u2019ll considerably reduce the energy consumption level on Ethereum by 99%, and it would also help make the network more scalable and cheaper to transact on.<\/p>\n

\u201cFollowing the merge, the amount of ETH issued is projected to drop by 90%, which would lead similar levels of fees to reduce Ether\u2019s supply by as much as 5% a year,\u201d IntoTheBlock reported.<\/p>\n

This has built a level of renewed optimism in Ethereum among investors who are pouring in massively into the coin. Per data on Twitter Sentiments about the coin, there have been over 62,000 positive tweets about the Merge and Ethereum generally.<\/p>\n

According to available CryptoSlate data<\/a>, the second-largest crypto asset by market cap is one of the best-performing digital assets within the last seven days amongst the top 10 cryptocurrencies by market cap.<\/p>\n

Its value has risen by over 15%, crossing the $3k mark for the first time in two weeks. To put it in context, Bitcoin<\/a>‘s price rose by 6.5% within the same time frame.<\/p>\n

However, it should be added that Bitcoin\u2019s performance in 2022 is currently better than that of Ethereum. BTC has shed around 10% of its value while ETH has lost 20%.<\/p>\n

Analysts share opinions on recent development in ETH<\/h2>\n

Speaking on the recent upside performance of Ethereum, FundStrat, in its Crypto Daily Report wrote that the crypto asset looks \u201cquite actionable from a trading perspective.\u201d This could help push the price of the asset even higher.<\/p>\n

On the other hand, IntoTheBlock, recently revealed that over 180,000 units of Ethereum were withdrawn from crypto exchanges on March 15. The last time an amount this high was withdrawn, the asset's value rose by 10% within 10 days.<\/p>\n

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Largest Outflows in 2022 – over 180k $ETH<\/a> was withdrawn from centralized exchanges within a single day<\/p>\n

-Last time such a magnitude of ETH left exchanges was in Oct 2021, preceding a 15% price increase within ten days
-190k ETH was also deposited into Lido's stETH liquid staking pic.twitter.com\/wayu2nvRlR<\/a><\/p>\n

— IntoTheBlock (@intotheblock) March 18, 2022<\/a><\/p><\/blockquote>\n