Ethereum Market Bias Can Breakup with Bitcoin: Burniske
Investors in the cryptocurrency market consider bitcoin as a benchmark. The world’s leading decentralized asset by market capitalization visibly determines the state of the overall crypto economy.
Its price movement prompts other 1,599 active assets called alternative cryptocurrencies (or altcoins) to pursue in the same or an extremely opposite direction, showing extreme dependability. But according to Chris Burniske, who is partners with New York-based venture capitalist firm Placeholder, one cryptocurrency could divorce the bitcoin’s influence in a longer run.
“Ethereum,” Burniske said, “is currently the only asset with an independent and large enough community to break off from Bitcoin setting the pace.“
He added that the change would not come overnight.
Recognizing that bitcoin will remain a unit of analysis and liquidity provider in the space, Burniske said altcoins like Ethereum would detach depending upon their integration into broader, global macro adoption and economics of use at scale.
Ethereum against Other Altcoins
Burniske’s comments closely followed a report from the San Francisco Open Exchange, which stated that Ethereum is becoming an asset with its own distinctive economy.
The report further argued that Ethereum is no longer an altcoin since its correlation with bitcoin is now the strongest and highest among all, as represented in the July chart below.
Largest Blockchain, Highest Number of Projects, and Whatnot
Like the S&P 500 Index, a benchmark to determine the health of the US economy, Ethereum holds promises to become the same owing to its wide-market breadth, with its blockchain encompassing 1,600 decentralized applications, and powering 94 out of the top 100 altcoins (by market cap). Crypto Asset Management Firm Electric Capital found that Ethereum is also rich in terms of the number of active developers almost twice that of bitcoin.
Excerpts from their report
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Its price movement prompts other 1,599 active assets called alternative cryptocurrencies (or altcoins) to pursue in the same or an extremely opposite direction, showing extreme dependability. But according to Chris Burniske, who is partners with New York-based venture capitalist firm Placeholder, one cryptocurrency could divorce the bitcoin’s influence in a longer run.
“Ethereum,” Burniske said, “is currently the only asset with an independent and large enough community to break off from Bitcoin setting the pace.“
He added that the change would not come overnight.
Recognizing that bitcoin will remain a unit of analysis and liquidity provider in the space, Burniske said altcoins like Ethereum would detach depending upon their integration into broader, global macro adoption and economics of use at scale.
Ethereum against Other Altcoins
Burniske’s comments closely followed a report from the San Francisco Open Exchange, which stated that Ethereum is becoming an asset with its own distinctive economy.
The report further argued that Ethereum is no longer an altcoin since its correlation with bitcoin is now the strongest and highest among all, as represented in the July chart below.
Largest Blockchain, Highest Number of Projects, and Whatnot
Like the S&P 500 Index, a benchmark to determine the health of the US economy, Ethereum holds promises to become the same owing to its wide-market breadth, with its blockchain encompassing 1,600 decentralized applications, and powering 94 out of the top 100 altcoins (by market cap). Crypto Asset Management Firm Electric Capital found that Ethereum is also rich in terms of the number of active developers almost twice that of bitcoin.
Excerpts from their report
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Twitter: https://twitter.com/cryptoexpert20
IF you be an admin for your telegram group you can order from the link
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