Ethereum (CRYPTO: ETH) underwent a major software update called The Merge on Thursday that drastically reduces the amount of energy needed for creating new tokens and changes the way transactions are processed.
Notwithstanding talks of the crypto getting a boost, Ethereum has fallen about 13% since The Merge. Some of the weakness may also have to do with the macroeconomic uncertainty that triggered an across-the-board sell-off in financial assets.
The Merge could prove salubrious for Bitcoin (CRYPTO: BTC), the apex cryptocurrency, according to MicroStrategy, Inc. (NASDAQ: MSTR) CEO Michael Saylor, Bloomberg reported.
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Bitcoin now accounts for 95% of the overall market value of tokens using proof-of-work – the only proven method of creating a digital commodity, Saylor reportedly said via video conference in Australia, the report indicated.
“I see Bitcoin getting stronger, not getting weaker,” he noted.
While Ethereum has transitioned to proof-of-stake, Bitcoin mining is done using proof-of-work, which consumes significantly more power.
Bitcoin currently has a market capitalization of $381.49 million, according to CoinMarketCap compared to second-ranked Ethereum’s $175.84 million. The “green credentials” could help Ethereum’s native currency – Ether, topple Bitcoin in the future, Bloomberg said, citing analysts.
At last check, Bitcoin was rising 1.20% to $19,918.87, while Ethereum was slipping 0.51% to $1,442.20, according to Benzinga Pro data.
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