San Francisco Open Exchange (SFOX), an institutional digital asset exchange, argued that Ethereum\u2019s native token, Ether (ETH) may no longer be considered just another altcoin.<\/p>\n\n\n\n
SFOX\u2019s institution-grade crypto insights and analyses report covered the latest commentary around Facebook\u2019s controversial crypto project and its impact on the Bitcoin<\/a> price and other cryptoassets.\u00a0\u00a0<\/p>\n\n\n\n The SFOX team noted that the correlation between the Bitcoin (BTC) and Ether price is significantly greater than Bitcoin\u2019s correlation with other altcoins. According<\/a> to SFOX\u2019s report: <\/p>\n\n\n\n \u201cThis may support the idea that Ethereum is coming into its own as a blockchain that is publicly recognized as an asset on its own terms, much like Bitcoin. If this trend continues, it may become inappropriate to categorize Ethereum as an \u2018altcoin\u2019 on a par with other cryptoassets that are not Bitcoin.\u201d<\/p><\/blockquote>\n\n\n\n SFOX\u2019s blog post points out that Ether\u2019s correlation to Bitcoin was 0.788 in the 30 days before July 22, 2019. Meanwhile, the correlations to BTC of other alts are as follows: Bitcoin Cash (BCH) 0.638, Bitcoin Satoshi Vision (BSV) 0.619, Litecoin (LTC) 0.577, Ethereum Classic (ETC) 0.602.\u00a0<\/p>\n\n\n\n The SFOX report mentions that recent discussions and controversy around the Libra cryptocurrency project may have led to an increase in BTC\u2019s volatility and dominance. While Bitcoin was not directly discussed during the recent Senate hearings on Libra, the BTC price dropped considerably due to negative comments made about Facebook\u2019s cryptocurrency.\u00a0<\/p>\n\n\n\n The SFOX team further notes that Bitcoin<\/a> dominance increased significantly from around 50% in March 2019 to currently between 65% and 75%. Yassine Elmandjra, crypto analyst at investment firm ARK, revealed that BTC\u2019s hashrate dominance against its forks presently stands at around 97%.Ether Is Now Recognized On Its \u201cOwn Terms\u201d, Like Bitcoin<\/h2>\n\n\n\n
BTC Price Plummets Following Senate Hearings on Libra<\/h2>\n\n\n\n
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