Edit: but feel free to explain to me how "Ethereum's gain (against $USD) is because people are buying BTC, not Ether" works
Certainly.
Ever taken a train ride ? Well if the train's travelling at 80 MPH and you take a stroll to the buffet car for a coffee, you'll actually be doing around 82MPH - 2MPH faster than the train.
There's a reason that every exchange expresses all alt-coin values in one denomination only and thats because one coin serves as the front door for this entire market.
(And it ain't no Lego-Coin)
What if it's a BTC train and i'm in a first car, and etherpoop is a buffet car, which is trailing all the way in the back of the train? Then i'll be moving slower than the train. I like this analogy
it's only up because they measure the eth/btc pair and BTC is mooning. It's not because demand for Eth is up. You'd know that it you weren't a fkn moron.
It's up because it dropped some 10% yesterday vs. BTC and Bitcoin's rise today pushed it above its dollar-denominated ATH causing fomo. It needs to do more work to snap the ETH/BTC downtrend it's been in since 0.034.
It might be just capital from people who cahsed out their BTC. Some are just reinvesting in alts hoping to get a little run up over there. Little do they know
Bitfinex is almost empty after $680 might go full retard
Howd'you know it's not empty of fiat as well.
Thats the problem - fiat is such a slow mover that when the exchange reserves dry up, demand dries up as well.
Running low as well, that's why we see the spread of $50 or 8% between finex and east. There's still about $3.5MM available in longs though as a short term loan till your wire clears, or to leverage long
That depends on whether you want to include China or not. That's going to ruin any statistician's day.
You mean you don't trust that there were BTC19.8MM traded on whoboi in one week when there are only BTC15MM in existence and most of them didn't even move?
Edit: oh and BTC17.3MM were traded on OKCoin that same week. So BTC37.1MM traded just between two Chinese exchanges in only one week