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Bitcoin Foundation's Gavin Andresen: Altcoin Prices Don't Care About Tech

News
Thu, 05/28/2020 - 11:35
Vladislav Sopov
A legend of the Bitcoin (BTC) community and first lead dev of the Bitcoin Foundation, Gavin Andresen, has mocked those saying altcoin price movements aren't speculative
Bitcoin Foundation's Gavin Andresen: Altcoin Prices Don't Care About Tech
Cover image via en.wikipedia.org
Contents

Gavin Andresen, the founder and the first original member of the Bitcoin Foundation in 2012, has mercilessly chastised the bias that the technical progress of a project is a price catalyst for the token behind it.

Guess, which project was down?

Mr. Andresen published two price charts for high-liquidity altcoins. It doesn't take a seasoned blockchain analyst or trading geek to figure out that, in general, both charts looks similar.

Two altcoins demonstrated similar price moves
Image by Gavin Andresen

Mr. Andresen has revealed one important piece of information: one of the charts demonstrates the price of the IOTA token (MIOTA) while the other belongs to ZCash (ZEC).

But, the point is that the IOTA protocol was down for about a month in February and March of 2020. After a devastating hack, all operations through the Tangle data structure were halted.

The ZCash protocol experienced no technical issues and functioned as intended for the whole period in question.

Does technology matter?

Mr. Andresen used this comparison to show that the technical aspects of a product with a popular token only slightly affect its price.

He admitted that the markets shrugged off IOTA's failure to perform its operations. For him, it is the best proof of the highly speculative nature of cryptocurrency price moves. In conclusion, he identified two real catalysts of these moves:

It is all day traders and bots.

It should be remembered that IOTA switched off all operations conducted through the Tangle network on February, 13 after the attack that resulted in $2M in losses.

The IOTA Foundation released a migration tool to mitigate the aftermath of the attack. Also, IOTA founder David Sonstebo decided to spend a significant share of his crypto to cover the losses of victims.

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.)