Recently, Elizabeth Kukka, the Program Director at ETC Labs spoke about the incubator program that they intend to launch for startups. She also touched upon the topic regarding the future growth and presented her thoughts on the Ethereum Classic [ETC] blockchain.
The Director believes that the ETC space is very competitive with good ideas and startups that have “immense potential.” Elizabeth stated that the ETC Lab pilot program was launched on 1st October, 2018. The pilot program was launched for six startups.
The company’s goal is to put the incubator model to work and get feedback from the six startups before the program goes live. Elizabeth also revealed that ETC’s incubator program will go live in the first quarter of 2019. She further stated:
“There’s been a lot of interest and inquiries about the program — we have received around 120 applications so far!”
ETC Lab intends to consider all the projects that build on the Ethereum Classic blockchain. Moreover, she stated that they are trying to convince projects that are not based on the Ethereum Classic blockchain yet to consider the incubator program.
On being asked if she came across interesting ideas and concepts in the cryptocurrency space during the course of her work, Elizabeth said that there were several and that some projects stood out for their “uniqueness” and had a potential to grow.
Elizabeth exemplified by stating that a startup they came across was involved in organizing and supporting scientific research of the blockchain technology. She also discussed the reason behind choosing Ethereum Classic for the incubator program. She said:
“Ethereum Classic because there is a lot of security on the main layer, and it doesn’t really matter what sidechains are used in conjunction to this.”
Subscribe to AMBCrypto’s Newsletter
Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
Subscribe to AMBCrypto’s Newsletter