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Ethereum [ETH]’s Vitalik Buterin: Next wave of crypto adoption is not going to be built on hype

Priya

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Ethereum [ETH]'s Vitalik Buterin: Next wave of crypto adoption is not going to be built on hype
Source: Unsplash

Vitalik Buterin, the co-founder of the third biggest cryptocurrency, Ethereum, spoke about the evolution of the cryptocurrency space, in an interview with Smart Valor. He also spoke about the next big wave for the cryptocurrency space for 2019.

Buterin started by speaking about the advancement of the space, remarking that it has “definitely grown a lot.” He added that in 2014, the space was filled with the Ethereum team, a few companies and a couple of people. He went on to say:

“Every time I come here, the space definitely keeps growing and at this point, it’s looking like it’s just huge, you know. There’s just people in all of the different universities get interested in the technology, seeing the interest from just all the sheer number of companies that are based here.”

The co-founder added that the space has witnessed a massive progress. He also spoke about the regulatory environment in the cryptocurrency space, stating that it “seems” to continue to be friendly. Buterin went on to say “it’s definitely great when you don’t have one of those kinds of issues hanging over your shoulders.”



The co-founder elucidated on the price of all the cryptocurrencies. The cryptocurrency has seen a massive drop since it reached its all-time high, with Ethereum even losing it’s second position to XRP. Additionally, most of top cryptocurrencies in the market have lost more than half of their values since the beginning of this year.

On this, Vitalik believes that the space currently requires more “actual applications” of the technology for it to move forward, on which the entire team has been striving to build for a long time. He said:

“Like basically the next wave as of crypto adoption is not going to be built on hype because the hype is basically already come. It has to come from really useful applications and things delivering value to people”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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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