Bitcoin is growing, but ethereum is outpacing it, with bitcoin up 0.56 percent today and ethereum up 2.27 percent.
This Monday, bitcoin had a pretty green day, rising 4%, while eth had an even greener day, gaining 6%.
Ethereum looks to be outperforming not just bitcoin, but also other cryptocurrency tokens. Mana had a good fashion week and gained roughly 5%, but eth gained more.
We can see some of it in the ratio, which has been rising for the better part of this month to 0.072 btc per eth, up over 28 percent in the last two days.
That’s while Do Kwon continues to acquire billions of dollars’ worth of bitcoin, and MacroStrategy has added another $200 million to its holdings. Yet eth somehow increases in value.
ConsenSys was purchasing $450 million worth of eth, so there are significant changes here as well, although it may well be mostly due to the burning beginning to bite with the merger approaching.
Over 2 million eth have been destroyed so far, with 7,400 worth $25 million being torched today.
That is a massive sum right now, but when the merger occurs at current levels, around $20 million eth will be removed from circulation.
That’s significant because it will be the first time a major cryptocurrency’s overall supply falls, essentially resulting in buybacks.
Just like firms repurchase publicly traded stock, the ethereum network will automatically withdraw ‘earnings’ from transaction fees imposed.
After deducting the ‘earnings’ and the ‘costs’ of less than 2,000 eth per day paid to stakers as incentive, the amount taken out of total supply equates to a repurchase.
Thus, global Google searches for ‘ethereum merge’ have hit an all-time high, while they remain insignificant in comparison to searches for ‘ethereum’ alone.
It may indicate a trend, though, that knowledge of the event is growing, and with March almost done, we are coming closer to the upgrade occurring in perhaps two months.
Of fact, there is no ‘official’ date since no block number has been assigned, but everything are proceeding normally on the merging public testnet. They’re also…