Burniske: Ethereum market trends can break up with Bitcoin

Investors in the electronic money market consider bitcoin a benchmark. The world’s leading decentralized assets by market capitalization have clearly decided the status of the electronic money economy in general. Its price fluctuation promotes 1,599 other active assets – called alternative electronic money (or altcoin) – pursuing the same or extremely opposite direction, indicating extremely high reliability.

But according to Chris Burniske, who works with New York-based venture capital firm Placeholder, there is an electronic currency that can separate itself from the effects of bitcoins in the long term.

“Ethereum,” Burniske said, “this is currently the only property with an independent community and big enough to escape Bitcoin’s lead.”

He added that the change will not happen overnight. Realizing that bitcoin will remain a unit of analysis and provide liquidity in space, Burniske says altcoin like Ethereum will split depending on their combination with global macro acceptance and economy. large economies according to scale.

“Until now, ETH / BTC continues to play a leading role,” he realized.

“Other electronic currencies increase and decrease compared to #bitcoin, but if the $ BTC does not increase in US dollars, nothing will increase (in the near future).”

Ethereum compared to other altcoin

Burniske’s comments followed a report from the San Francisco Open Trading Floor, which stated that Ethereum is becoming an asset to its own special economy. The report further argues that Ethereum is no longer an altcoin because its correlation with bitcoin is currently the strongest and highest of all, as shown in the July chart below.



“Although many sources have noted an increase in Bitcoin’s market dominance problem, some have noticed the fact that the current correlation of BTC with ether (ETH) is significantly higher than that. with its relationship with other altcoin, and took place throughout July, ”SFOX wrote.

“This may support the idea that Ethereum is becoming a blockchain of its own, which is recognized as an asset of its own accord, like Bitcoin. If this trend continues, it may become inappropriate to classify Ethereum as an “altcoin”, on par with other non-Bitcoin electronic assets. ”

The biggest blockchain, the highest number of projects and other things

Like the S&P 500 Index, a benchmark to determine the health of the US economy, Ethereum kept its promise to become the same thanks to its market breadth, with the blockchain comprising 1,600 decentralized applications and providing 94 of the top 100 altcoin (according to market capitalization).

Electric Capital, an electronic asset management company, discovered that Ethereum is also very rich in the number of active developers – almost double that of bitcoin. Excerpt from their report

“Ethereum has the largest development team in the electronic money world. On average, 216 developers contributed code every month to Ethereum’s repos. This is not enough data about the number of Ethereum developers because we do not include ecosystem projects like Truffle ”.

Meanwhile, there are experts who believe that Ethereum is a big bubble. For example, Twitterati WhalePanda, said that people only buy Ethereum to buy tokens during the infamous ICO period of 2017.

“Bitcoin players are against Ethereum for the following reasons:
1. Monetary policy is 3 guys in a conference call, it’s a joke. Monetary policy is needed.
2. Rescue DAO, losing immunity makes ETH a joke.
3. ICO-rich founders shyly go against the morality of BTC ”

As of 11:35 UTC, Etherum’s market capitalization is about 22.88 billion US dollars, lagging behind Bitcoin, and at the same time worth about 177.85 billion dollars.