According to the report, Pinkner has predicted that the second largest cryptocurrency will become deflationary after a possible merge event in September. It will finally switch from proof-of-work to proof-of-stake after several years of delay. Earlier this month Lucas Outumuro, an analyst at cryptocurrency research firm IntoTheBlock, estimated the issuance of ether to be between -0.5% and -4.5%.
This means that the world’s second most popular cryptocurrency is becoming increasingly rare. This gives it an edge over bitcoin. The fact is that the circulating supply of Ether will continue to decrease, which bodes well for its prices. Talking about the current prices, today i.e. on Monday, the price of Ether is at Rs 1,33,783. Of these, a decline of -0.83 percent is being seen. The crypto market has been in a downtrend for the past several months, the impact of which is visible on all major altcoins including Bitcoin, Ether.
However, in the excitement of a much-awaited merge upgrade, ETH/BTC has risen almost 34 percent in the past month. However, both of them are more than 12 per cent below the year-to-date high mark. It is also worth noting that the ETH/BTC pair has fallen by 54% from its record high in June 2017. Pinkner believes that the current macro environment could benefit Ethereum. At the same time, talking about the dominance of bitcoin, it has decreased since the beginning of the year 2021. Ethereum and other top altcoins have eroded bitcoin’s market share. Despite this, its market value remains at 41 per cent.
Cryptocurrency prices in Indian exchanges
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