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Ethereum [ETH] eyes mainstream adoption with multiple updates; Vitalik Buterin talks Ethereum 2.0

Akash Anand



Ethereum [ETH] eyes mainstream adoption with multiple updates; Vitalik Buterin talks Ethereum 2.0
Source: Unsplash

Ethereum [ETH] has been making news in the cryptocurrency space with various updates and developments in progress, according to the officials related to the organization.

The cryptocurrency also made news when Vitalik Buterin, the Co-Founder of Ethereum elucidated on Ethereum 2.0 and its workings. He said:

“Ethereum 2.0, is basically the kind of new version of Ethereum that will take all of these different improvements and put them together and essentially create what we believe is the best possible design for a general purpose blockchain.”

Ethereum’s move towards mainstream adoption was given another push when Ethfinex, the Ethereum backed cryptocurrency exchange announced a free giveaway on its Twitter handle. The exchange had excited users by revealing that it was giving away two Ledger Nano S hardware wallets on popular social media platforms like Twitter, Instagram, and Facebook. Ethfinex also allows users to conduct trade on a stable centralized platform as well as proceed with on-chain trading activities.

The Ethereum Foundation has also been gearing up for the next major hard fork on the Ethereum network, titled Constantinople. The hard fork which was supposed to occur yesterday, 9th October, was delayed due to a Denial of Service [DoS] attack.

The Constantinople update has created an evident surge of news within the Ethereum network which was reflected in a 673% increase in the Ethereum empty blocks.

Ansel Lindner, a cryptocurrency enthusiast had made some crucial observations. He said that the shoot up was related to the miners “realizing that the value of ETH doesn’t come from transactions, but marketing”. Linder said:

“The success of Ethereum’s marketing is only partly correlated with the number of transactions. There needs to be enough volume to support the narrative, but not too much to make it extremely hard to stay synced.”

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Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly



Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.

However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.

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