Markets: Bitcoin Falls Below $19,000, Ether Falls Despite Merger Progress


Citi: Ether Extends Pre-Merger Rally Despite Bitcoin Weakness

Ether (ETH) has outperformed Bitcoin (BTC) in recent months, possibly in anticipation of Merge’s planned upgrade to the Ethereum blockchain, Citi (C) said in a research report on Friday. The merger, moving from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, is the first of five improvements planned for the blockchain and is expected to happen later this month. Ether has surged 43% since the “post-moon crisis” in mid-June, while its main rivals have lagged behind, with BTC falling 1.4% over the same period, the report said.

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