The Ethereum Merge will turn ETH into a “global institutional-grade asset,” a report suggests. It shows that Ethereum has surpassed several key adoption metrics for Bitcoin.
In a new report by Bloomberg Intelligence titled ‘Booms, Busts and Bitcoin’, published on August 3, Ethereum (ETH) stands out as having the potential to become an asset that will earn the attention of large international investors, according to Finbold. The long-awaited Merge update is meant to be a catalyst for what could possibly turn it into a ‘global institutional-grade asset,’ the report suggests.
According to the report, Ethereum outperformed several key adoption metrics that are highly correlated with price, including active users, addresses with non-zero balance, and transactions, “in absolute terms to the last bear market and relative to Bitcoin.”
The analysis showed that “non-zero balance addresses are all-time highs (3-year 100% percentile)” and are “almost double that of the Bitcoin network.” What is more, the number of Ethereum transactions has stayed strong year-on-year, losing only 7% in transfer volumes regardless of the 29% price drop.
Ethereum also outperformed Bitcoin in terms of active addresses, which are 113% higher than three years ago, despite being “flat year-on-year (+5%).” For comparison, Bitcoin has fallen by 30% over this period.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.