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Bitcoin (BTC) Value on Ethereum (ETH) Blockchain Exceeds $100M. Is That Bearish for BTC?

News
Sun, 06/28/2020 - 15:01
Vladislav Sopov
Wrapped Bitcoin (wBTC) and similar tokens are a class of assets that represent Bitcoin (BTC) but are issued on top of the Ethereum (ETH) blockchain.
Bitcoin (BTC) Value on Ethereum (ETH) Blockchain Exceeds $100M. Is That Bearish for BTC?
Cover image via twitter.com
Contents

Through multiple services, it is now known that total value of Bitcoin (BTC) assets on the Ethereum (ETH) blockchain exceeds $100M. Some analysts believe that this may be a crucial milestone for the 'wrapping' services and a mark of death for Bitcoin (BTC).

Nine-Digit Milestone

Yesterday, participants from the Ethereum (ETH) community noticed that the volume of tokenized Bitcoin (BTC) on the Ethereum (ETH) network inched closer to the $100,000,000 mark. Some hours ago, (June 28, 2020), Anthony Sassano, an Ethereum (ETH) educationist, host of Into the Ether podcast, and EthHub Co-Founder,  reported on a major milestone:

Anthony Sassano is sure that today's news are bearish for Bitcoin (BTC)
Image via Twitter

He also posted an ultra-bearish analysis on the influence that this progress may have on Bitcoin (BTC), both on the asset and the blockchain.

In terms of evaluating the asset, Bitcoin (BTC) on Ethereum (ETH) will never play in the sandbox with Ethereum (ETH) by itself. Staking and fee payouts are unavailable with wBTC. In a nutshell, the flagship cryptocurrency has become one more coin in the Ethereum (ETH) realm.

Moreover, the progress of tokenizing can also damage the integrity and security of the Bitcoin (BTC) network as rewards for maintaining this integrity are a major economic catalyst for miners. More transactions occur on Ethereum (ETH), and less fees are paid to Bitcoin (BTC) miners.

Opportunity for Scaling

What that being said, more miners and holders will be interested in working directly with the Ethereum (ETH) network. It is the Ethereum (ETH) network that may allow every asset to become programmable and join the amazing and profitable DeFi game, Mr. Sassano highlights.

As recently covered by U.Today Crypto News, legendary Bitcoin (BTC) developer and Bitcoin Foundation Founder Gavin Andresen believes that the migration to the Ethereum (ETH) network may be the best solution for the Bitcoin (BTC) scaling problem.

Related Bitcoin Foundation’s Gavin Andresen Unveils Surprising Proposal for Bitcoin (BTC) Scaling
Related
Bitcoin Foundation’s Gavin Andresen Unveils Surprising Proposal for Bitcoin (BTC) Scaling

Mr. Andresen outlined that only the tokenization of Bitcoin (BTC) with Ethereum (ETH) 2.0 instruments may resolve this thorny issue much better than the Lightning Network.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)