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Ethereum [ETH] still bearish while crypto-market is bullish!

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Ethereum [ETH] still bearish while crypto-market is bullish!
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Despite the green candles boost in the market in the past 48 hours, Ethereum still shows signs of red. In the past 7 days, Ethereum has dropped by 6.98% while top coins such as Bitcoin and Bitcoin Cash have gained 11.58% and 4.32% respectively.

In recent news, media scare about Ethereum dumping by ICOs was big causing a havoc in the market. With the release of such news, Ethereum prices started to fall. While ETH had hiked all the way up to $710 just 10 days ago, it is currently trading at $540.94 losing almost $200 in value. At the beginning of the month, the market cap of ETH was at a voluminous $86 billion and the current market cap is at $53 billion.

Ethereum is a blockchain based distributed and operating system with smart contract functionality feature. The technology supports an altered version of Nakamoto consensus using a transition-oriented model. This decentralized platform is opted over many other technologies as they run a program that runs without any chance of fraud, censorship or third-party interference. The technology is used by major industrial giants such as Barclays and HSBC.

Chris Burniske, a cryptocurrency influencer on Twitter says:

“1/ #Ethereum is noticeably soft while many of its “next gen” competitors are showing strong bounces after brutal falls.”

A Twitterati asks Ethereum Founder, Vitalik Buterin:

“What happened to ETH vitalik? Every coins is having party. ETH got stuck at 550. Why???”

Major projects such as Irene Energy shifting from Ethereum to Stellar and Kin Foundation along with Ethereum chose the addition of Stellar technology to their application, ETH has started to lose its hold.

Ethereum has not been able to close its price consistently over $575 for over a week now. This pushback in prices is seen in the descending channel.



A trader from New York comments:

“Vitalik we are getting slammed over here man what is going on”

On a positive note, a user comments on Reddit:

“Just bought more eth at 515. What’s going to happen y’all! I figured it was the Best Buy because it’s down percentage wise more than others and it’s probably my fav coin”





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Andrea Pierre Jackson is a contributing News writer at AMBCrypto from December 2017. She has previous writing experience with major publishing houses in the UK and the US. Andrea currently does not hold any position in any cryptocurrency or its projects

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Bitcoin

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

Biraajmaan Tamuly

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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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