[2017-06-12] Power Struggle Between Bitcoin and Ethereum Continues

[BurstIncomeAsset]

The world of cryptocurrency is often full of surprises. Just a few days ago, people were wondering how long it would take until Ether would surpass the US$250 value. That has happened in spectacular fashion, and the currency even hit the US$420 mark at one point. The Bitcoin price, on the other hand, has taken a bit of a beating but seems to be recovering slowly. Big things are afoot in the cryptocurrency world.


Bitcoin and Ethereum Jockey For Position

It is evident a lot of Ethereum enthusiasts would like to see Bitcoin become the second-largest cryptocurrency by market cap. Although that sounds quite appealing, it remains to be seen if and when this will happen. The recent Ether price surge is definitely hinting at what the future may hold, especially now that the Bitcoin price is showing cracks in the facade as well.

To put this into perspective, the Ethereum market cap sits at US$35.6bn as of right now, with ETH valued at US$385. That is a massive price increase compared to yesterday, and a continuation of the recent Ethereum price trend we have seen over the past few days. It is quite remarkable how much the Ethereum market cap has grown over the past few days. It is even showing signs of a potential bubble, but it remains unclear if and when that bubble may burst.

It is also important to keep an eye on what is happening to Bitcoin right now. To be more specific, the Bitcoin price started dropping sharply all of a sudden. Although volatile price swings are not all that uncommon in cryptocurrency, it is still quite shocking to see Bitcoin’s value drop by over US$200 in quick succession. Interestingly enough, it does appear the price is starting to show signs of recovery, which is quite an intriguing development.


The world of cryptocurrency is often full of surprises. Just a few days ago, people were wondering how long it would take until Ether would surpass the US$250 value. That has happened in spectacular fashion, and the currency even hit the US$420 mark at one point. The Bitcoin price, on the other hand, has taken a bit of a beating but seems to be recovering slowly. Big things are afoot in the cryptocurrency world.
Bitcoin and Ethereum Jockey For Position

It is evident a lot of Ethereum enthusiasts would like to see Bitcoin become the second-largest cryptocurrency by market cap. Although that sounds quite appealing, it remains to be seen if and when this will happen. The recent Ether price surge is definitely hinting at what the future may hold, especially now that the Bitcoin price is showing cracks in the facade as well.

To put this into perspective, the Ethereum market cap sits at US$35.6bn as of right now, with ETH valued at US$385. That is a massive price increase compared to yesterday, and a continuation of the recent Ethereum price trend we have seen over the past few days. It is quite remarkable how much the Ethereum market cap has grown over the past few days. It is even showing signs of a potential bubble, but it remains unclear if and when that bubble may burst.

It is also important to keep an eye on what is happening to Bitcoin right now. To be more specific, the Bitcoin price started dropping sharply all of a sudden. Although volatile price swings are not all that uncommon in cryptocurrency, it is still quite shocking to see Bitcoin’s value drop by over US$200 in quick succession. Interestingly enough, it does appear the price is starting to show signs of recovery, which is quite an intriguing development.

Despite this sharp and brief Bitcoin price dip, the market cap still sits at US$45.5bn. Many people are surprised Bitcoin is still at such a high price despite the value dropping US$200. This is mainly due to the price recovering pretty quickly right now, although further volatility for both Bitcoin and Ethereum may loom ahead. Investors and speculators are putting a lot of money in cryptocurrency right now, but there are always people looking to take profits at the same time.

The bigger question on most people’s minds is which market cap will be the largest by the end of this week. At this rate, it appears to be a matter of time until Ethereum takes over from Bitcoin. Then again, one should never discount Bitcoin when it comes to growth either. The coming days will be quite interesting to keep an eye on, and anything might happen.

Make sure not to trade based on emotions right now, though, as markets can turn in any given direction on a whim’s notice. Never chase a currency appreciatimg in value either, as no one knows where the top or bottom is for either Bitcoin and Ethereum right now.

https://themerkle.com/power-struggle-between-bitcoin-and-ethereum-continues/

[Nagadota]

It's nothing like a "power struggle".  Far more like "a struggle about what power is justified", and a "price struggle".

The Bitcoin market cap being higher than Ether does not suggest that Bitcoin has more power.  All it suggests is that the market regards Bitcoin to be worth more (for now).

The important distinction between a "power struggle", and "a struggle about what power is justified", is that Bitcoin is decentralised while Ethereum is not. 

This is a fight between Bitcoin's decentralisation and a dictatorship from Vitalik Buterin.  If he wins, it'll show that cryptocurrencies are crazily speculative and it'll be a long time before they become based on real utility.

[richardsNY]

There isn't such a thing as a winner and a loser, this is just something that plays in the minds of the people, but holds zero value in reality. We just have to accept that the general demand for crypto reaches further than just Bitcoin, and that's all fine since everyone is free to do what they want. Other than that, I do agree that altcoins are still being used as speculative investment, and will likely stay that for a long time. It's mainly due to the fact that they don't add anything significant worthy of being used -- most of the altcoin features are nothing more than gimmicks.

[bbc.reporter]

It's nothing like a "power struggle".  Far more like "a struggle about what power is justified", and a "price struggle".

The Bitcoin market cap being higher than Ether does not suggest that Bitcoin has more power.  All it suggests is that the market regards Bitcoin to be worth more (for now).

The important distinction between a "power struggle", and "a struggle about what power is justified", is that Bitcoin is decentralised while Ethereum is not. 

This is a fight between Bitcoin's decentralisation and a dictatorship from Vitalik Buterin.  If he wins, it'll show that cryptocurrencies are crazily speculative and it'll be a long time before they become based on real utility.

I do not think that Ethereum will be able to hold these high values for the longterm. What is carrying ETH's value as of today? Nothing but ICOs. Not all those projects will be a success and the success of those projects all depend on Ethereum's capability to scale, which right now does not look like it will happen anytime soon.