Crypto News
Hello steemians,
Will ETH overtake BTC marketcap?
I didn't think it could happen so fast.
After Huobi, OKcoin is accepting ETH, traders anticipate an increase in demands and price upswing strongly.
If ETH continu to rise as fast as last days and BTC go back to 1800/2000$ range, we could see ETH overthrow BTC in few days only.
What does it mean for Crypto world?
I don't really know all implications , i guess it's more psychological than technical.
Bitcoin maximalist will have a hard time to believe what they see, mass could loose some faith in bitcoin and rage against all unsolved Bitcoin problems (scalability, governance...).
If ETH pass Bitcoin, I already expect some FUD coming from media convincing the crowd that ETH > BTC , "the king is dead" .
Fundamentals news are very good for BTC lately but short term price action is also greatly determine by psychology and we should not underestimate that.
How will react the community in case of soft fork, chain split or HF?
Same as before, difficult to truly know, for sure it create some level of uncertainty regarding how the market will react short term.
In a scenario where ETH overtake Bitcoin marketcap combined with Bitcoin soft fork with a chain split on August 1st , market reaction could be nasty.
https://themerkle.com/should-you-be-concerned-about-a-bitcoin-chain-split-on-august-1st/
.So far Bitcoin continu to be positively promoted in mass media, Michael Preiss said Bitcoin can be "alternative the world need" at CNBC.
Bloomberg TV relay the fact that BTC may become more mainstream in Japan:
https://www.bloomberg.com/news/videos/2017-05-30/how-bitcoin-usage-may-rise-in-japan-video
.GBTC price had 100% premium last week. Will it drive to new high for BTC price?
.Number of Google searches for Bitcoin has been in top 5 world research last week over 30% of 2013 BTC record.
Some traders think google trends research is a lagging indicator to anticipate market moove and some thinks it show the current trend and could be use to extrapolate futur demand.
I would advice you to do your own research and analysis to see if this indicator is useful to you.
You can use it aswell to estimate the flow of new users on exchange, and news users for your favorites coins.
Top 3 countries by interest on Google trends are Nigeria, Ghana and estonia not precisely what most of us would expect:
Alts price evolve in disorganized manner lately, some are pumping hard (ETH,STRAT, OMNI, EXP...) , most of them are breaking even or sliding down.
Fundamentals market indicators are still all green with volume and average numbers of users connected near all time high.
Keep an eye on Bitcoin scalability debate and top listing in marketcap as it could affect the market short term.
Have a great day!
Links:
https://www.cryptoninjas.net/2017/05/30/okcoin-formally-launches-ether-eth-exchange/
http://www.coindesk.com/9-years-localbitcoins-trader-sentenced-latest-money-transmission-case/
https://themerkle.com/should-you-be-concerned-about-a-bitcoin-chain-split-on-august-1st/
http://bitcoinist.com/uasf-segwit2x-roadmap-revealed/
http://www.newsbtc.com/2017/05/31/gbtc-premium-rates-normal-bitcoin-price-getting-hand/
Totally Agreed! I too expect Ethereum to surpass Bitcoin very soon because Ether is not just a currency, ether is gas. It is like you are buying gas today and stuck it in silos. If you need it for your car you can use it, if not you can sell to someone else or hold it. The price of gas fluctuate just like money or anything else, but the point is that it does fluctuate because of the usage and not only of the scarcity(bitcoin). if people will create and use dapps the value of gas will go up, otherwise it will go down. Yes, there will be a gazillion ethers in billion years, but most humans, being mortal, only have a time horizon of a few decades, and in that time window the number of ethers that will exist is small, so ethereum could be more than Bitcoin.
Very good analysis thanks. ICO's are a big factor too, so much funds are raised using ETH this year.
IF ETH overthrow BTC leadership and we get a chain split for BTC in August, could we see all alts being listed in ETH ratios and ETH would become the major liquidity gateway for alts market?
but one is a shark and the other is a lion
I overheard that from what my husband was listening to
they're not the same .. whether one would cost more .. I wonder but BTC has been resilient and usually the 1st is hard to beat
but as long as both are climbin' chaching is all I hear haha
I think it ETH will overtake BitCoin.
You can notice that Ethereum Market cap is now almost %57 of Bitcoin Market cap, which is Incredible growth. Bitcoin has been here for many years, but Ethereum is pretty new. So we might see Ethereum surpace the Bitcoin in Market cap and in Price.
Possibly !
or Maybe another Crypto does it.
Like for eg. Ripple
I KNOW ether will overtake BTC, but I have to say "think", so I don't come across as a douche.
it sure is doing well
I don't think so. Actually, it's pretty interesting to think about it. Thanks for sharing, @damarth!
It will not surprise me at all. It out performed all of my expectations. Especially after the hard fork last year. Let's wait and see!
@damarth I doubt it, and btw, you haven't heard of EOS? ETH better be looking over its shoulder.
full steem ahead!
Great post @damarth . I don't think ETH will overtake BTC just yet, and if it does it will only be for a while. Ethereum surged in the last few days and personally I don't think the huge increase in capital is sustainable, so a correction is to ensue. I guess by 2018 ETH might be above BTC
Exact passing BTC with a price spike could be achieved for a moment, but staying above would be quite a challenge for now. That's why i think it would be more a "psychological revolution". I agree 2018 is another story, dominance could clearly switch to ETH.