Bitcoin slumps below US$19,000, Ether drops despite Merge progress

CoinDesk

Citi: Ether Extends Rally Ahead of the Merge Despite Bitcoin Weakness

Ether (ETH) has outperformed bitcoin (BTC) in recent months, likely in anticipation of the planned Merge upgrade to the Ethereum blockchain, Citi (C) said in a research report Friday. The Merge, the switch from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, is the first of five enhancements planned for the blockchain, and is expected to happen later this month. Ether has gained 43% since the “post-Luna crunch” in mid-June, while its main competitors have lagged, with BTC declining 1.4% over the same period, the report said.