Bloomberg: Ether outperforms Bitcoin as excitement builds for software upgrade

03/22 12:54

According to Bloomberg, Ether is outperforming its better-known-rival Bitcoin once again as optimism over a long-sought update that promises to reduce the carbon footprint of the world’s most-used blockchain appears to be getting closer to fruition. Ether, the native cryptocurrency of the Ethereum blockchain, has rallied more than 16% in the past seven days, while Bitcoin rose 8.4%. So far this year, Ether is down about 17% and Bitcoin has fallen roughly 7%. The program, called "Merge," is expected to be completed in a few months and will help the network reduce electricity consumption and improve operational efficiency. The developers have been promising this upgrade for years. Recently, after Ethereum merged with the public test network Kiln, it has successfully transitioned and upgraded to the Proof of Stake (PoS) consensus mechanism, although there was a small failure during the period. Teong Hng, co-founder and CEO of Satori Research, said, “The merger of ETH on the Kiln testnet resulted in ETH outperforming the market. This was considered an upgrade to Ethereum transaction validation. The merger was successful and no major issues were reported.” Not only is the new upgrade likely to make ethereum more attractive to eco-conscious investors, it could also reduce the ethereum supply in circulation.

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