06 Sep 2022
New yearly high for ETH vs BTC
The Ethereum merge is nearing and ETHBTC rallies to new yearly highs.
Ethereum’s mainnet will transition from Proof of Work to Proof of Stake around September 14th, and the transition fuels enthusiasm in the market as ETH has pushed towards new yearly highs versus BTC.ETHBTC currently trades at 0.0839, a new yearly high. Last year, ETH traded above the current level vs. BTC on nine occasions, emphasizing that ETH is trading at rare highs versus BTC, showing the strength of the merge narrative in the market. While ETHBTC trade at yearly highs, the futures basis remains suppressed, likely caused by hedging activity previously explained related to ETHPOW and the Merge. The imminent Merge has also reflected well on Ethereum Classic, which is up 27% in the last 24 hours. Alongside surging ETC prices, the hashrate in ETC has grown to new all-time highs, suggesting that Ethereum miners have already begun migrating some of their activity to Ethereum Classic. Meanwhile, derivatives related to the potential hard fork of ETHPOW perform badly, trading below $50, suggesting that the movement has failed to keep the attention of the traders.