Ethereum About to Break Away From Carrying Bitcoin’s Weight in the Bull Market

Ethereum About to Break Away From Carrying Bitcoin’s Weight in the Bull Market
фото показано с : zycrypto.com

2020-8-5 17:56

Anonymous owner of Bitcoin.org and BitcoinTalk Cobra has sparked a heated debate on Twitter over Bitcoin possibly being a dead weight to ETH, as the best performing crypto asset of 2020.

Cobra, who is known in the Bitcoin community for his controversial opinions now thinks that Ethereum is trying to break free from carrying along with Bitcoin’s price as it drives the bull market.

“I sense that it’s pulling away from being under Bitcoin’s feet, if we see more upside or a bull market driven by ETH, it will shake confidence in BTC.”

Other pundits of the same opinion and those thinking that Bitcoin’s position as the digital gold is unshaken, were quick to comment. Stating that ETH pulling away from BTC is a good thing, one user mentioned that just like ETH, BTC will have to depend on its own merit against other altcoins, instead of an obsolete status.

“I think this is a good thing, as more people will realize the “store of value” narrative just isn’t true. BTC will no longer be able to just rely on its name and actually have to compete to keep the top spot.”

ETH vs BTC or ETH and BTC

Besides outperforming every other crypto asset, Ethereum was the first to bounce back and regain higher resistance levels after the 2nd of August flash crash. Still, in response to Cobra, another user thinks ETH could do better if it broke away from BTC.

“This whole Bull Run is just sponsored by $ETH… seems like $ETH is trying to carry $BTC with it too but $BTC is unable to move along.”

Speaking for BTC’s position as the top coin, the founder of Blockspace thinks ETH can only compete with BTC after its established migration to Ethereum 2.0 but until then, Bitcoin’s price going up has nothing to do with ETH.

“ETH is definitely going higher, but not before Bitcoin does. Also, ETH 1.0 can’t scale and ETH 2.0 is a hot mess.”

The best possible scenario however, is that the two assets could coexist and complement each other. As Vitalik recently pointed out, ETH is not a competition to BTC but a continuation of Satoshi’s vision for BTC.

If Ethereum 2.0 is successful, it will create a DApps ecosystem that will enable bridging solutions and most people will be interchanging between the two assets without even realizing it.

“The thing about Ethereum and DeFi, is that easy to use mass market apps are being developed on this tech. The mainstream is no closer to using Bitcoin keys, cold storage etc. than they were many years ago. But mainstream will end up using Ethereum/DeFi without even knowing it.”

These remarks follow the successful launch of the final Phase 0 Medalla Multiclient Testenet, raising hopes that Ethereum 2.0 Beacon Chain will indeed launch in Q4 2020.

In 24 hours, ETH’s price is up 3.45% at the time of writing, with BTC regaining $11,500 at 4.7% after trading below $11,300 for two days.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95092.57 (-0.38%)
Объем 24H $43.157b
Изменеия 24h: -2.19 %, 7d: -9.02 %
Cегодня L: $94782.14 - H: $95637.28
Капитализация $1882.818b Rank 1
Цена в час новости $ 11678.47 (714.26%)

bitcoin ethereum weight cobra carrying break known

bitcoin ethereum → Результатов: 126


Фото:

Grayscale unveils updated covered call ETFs for Bitcoin and Ethereum

Grayscale Investments has updated proposals for its Bitcoin and Ethereum Covered Call ETFs, according to Nov. 18 filings with the US Securities and Exchange Commission (SEC). The funds aim to generate income through options contracts linked to the firm’s Bitcoin and Ethereum exchange-traded products (ETPs), including the Grayscale Bitcoin Trust (GBTC), its mini Bitcoin trust, […] The post Grayscale unveils updated covered call ETFs for Bitcoin and Ethereum appeared first on CryptoSlate.

2024-11-20 22:45


Ethereum упал до 3-летнего минимума против Bitcoin, аналитик видит поддержку на уровне 0,035 BTC

Обменный курс Ethereum по отношению к Bitcoin значительно снизился, недавно опустившись ниже 0,037 25 октября — самого низкого уровня с 15 апреля 2021 года. Рыночные данные показывают падение курса ETH/BTC на 30% с 1 июля этого года, что отражает серьезное падение Ethereum по сравнению с Bitcoin.

2024-10-26 19:36


Что ждет Ethereum – сегодня он достиг 42-месячного минимума по отношению к Bitcoin

В последние недели рынок криптовалют в целом был нестабильным. Однако Ethereum продолжает отставать относительно Bitcoin и других активов его калибра. Для справки, Bitcoin немного вырос, в то время как Solana подорожала на 5% за последний день.

2024-10-24 12:26


What’s Behind Bitcoin And Ethereum’s Exchange Exodus? Record-Low Reserves Could Hold The Key

Crypto investors are not keen on dealing with cryptocurrency trading platforms, which has resulted in the dwindling exchange reserves of Bitcoin and Ethereum.  Centralized exchanges on Bitcoin and Ethereum hit a historic low after investors and crypto enthusiasts opted for self-custody solutions for their virtual assets.

2024-10-14 18:30


Фото:

Bitcoin & Ethereum On “Path To Acceleration,” CryptoQuant Explains Why

The on-chain analytics firm CryptoQuant has explained why Bitcoin and Ethereum have recently appeared to be on a path towards acceleration. Bitcoin & Ethereum Are Looking Bullish In On-Chain Metrics In a new thread on X, the official CryptoQuant handle discussed how some important on-chain indicators are looking for Bitcoin and Ethereum right now.

2024-6-8 04:00


Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) See Higher Uptick in Discussions This Week: Here’s Why

The crypto market has been abuzz with discussions surrounding the top three cryptocurrencies by market capitalization – Bitcoin ($BTC), Ethereum ($ETH), and Solana ($SOL). As the Bitcoin halving event approaches and Ethereum and Solana face network-related challenges, the crypto community has been more vocal than ever about these assets.

2024-4-9 11:45


Фото:

Reddit IPO filing reveals treasury exposure to Bitcoin, Ethereum

Social media giant Reddit has been quietly buying Bitcoin and Ethereum with some of its excess cash and holds an undisclosed amount of the two tokens in its treasury for investment purposes. The social media giant’s crypto exposure details were revealed in its initial public offering (IPO) prospectus, which was filed with the SEC on […] The post Reddit IPO filing reveals treasury exposure to Bitcoin, Ethereum appeared first on CryptoSlate.

2024-2-23 00:23