Bitcoin dump, Ethereum pump!

[Rufsilf]

Big investors are dumping bitcoin futures and pivoting to ethereum as expectations for the world's largest cryptocurrency soften, JPMorgan says

Big-money investors are shying away from the bitcoin futures trade and pivoting instead to ethereum futures as expectations for the world's largest cryptocurrency soften, JPMorgan analysts wrote in a note on Wednesday.
In September, bitcoin futures on the Chicago Mercantile Exchange have traded below the price of an actual bitcoin, the analysts noted.
"This is a setback for bitcoin and a reflection of weak demand by institutional investors that tend to use regulated CME futures contracts to gain exposure to bitcoin," the analysts wrote.
Under healthy demand, futures usually trade at a premium to actual bitcoin. This happens because high bitcoin storage costs and the juicy yields available for passive crypto investing push up futures prices, according to previous JPMorgan research.

read more, check the link above.

The question is, do you think in the long run the dominance of bitcoin will significantly drop and Ethereum will try to compete with bitcoin?

It's interesting since it's coming from JP Morgan which IMO is not a big fan of bitcoin.


JPMorgan CEO Jamie Dimon says he’s still a crypto skeptic: ‘I’m not a bitcoin supporter. I have no interest in it’

[tokeweed]

^  Rofl!  Does that face look like a guy who wouldn’t dump BTC?  

But here’s the thing tho, if BTC dumps, everything else dumps.  BTC still owns the space, love it or hate it...  I mean just look what happened an hour ago.  BTC dumps then drags everything down with it.

And so...  Euro time zone dumped, let ‘s wait for the US time zone.  They’re due up in a couple of hours or so.  It’s almost 7:00am ET.  There’ll be a lot of broken clocks.  

[stadus]

Please don't put that picture, lol..

Whether how many experts would say about bitcoin dumping and an altcoin will replace its dominance, I would never believe in that.

As what is shared, that guy in the picture is not a fan of bitcoin, so what can you expect from him, his statement is biased and he will not always appreciate the reality that bitcoin will dominate no matter what.

[Sanitough]

JPMorgan CEO Jamie Dimon says he’s still a crypto skeptic: ‘I’m not a bitcoin supporter. I have no interest in it’

It explains already his view on bitcoin, why would we though that bitcoin will dump when it's the most important coin in the crypto market. Before the crypto market is created, we only know bitcoin, and then altcoins are created and they become popular as well.

As per usage wise, we can tell that ETH is better, but as long as the majority of people trust bitcoin over altcoins, bitcoin will remain at the top
In the long run, it's not the whales who will dictate but the masses who hold and use bitcoin.

[ethereumhunter]

Ethereum is not rising too high, so I prefer to wait for more, but bitcoin is down for more. I hope the price is not down too deep because we have already seen that before. But we can not do anything if the price is still getting down and drops to $40k while we also get a discount for more to buy bitcoin. This month seems to be the downtrend for the crypto market, but hopefully, next month will be a good month that can turn the direction and have a big rally until the end of this year.

[tokeweed]

BTC seems to have bounced as soon as 9:00am ET hit.  Let’s see if this is just a dead cat bounce or if it’s a recovery.  Hoping for the latter of course, for all our sakes.  Lol. 

Around 15 minutes to go til the next hourly candle...

[BurningChrome]

It is impossible to predict the future of the market and the price of crypto-assets like Bitcoin and Ethereum. Some will say that their value will rise, some say that their value will fall, but not much can be predicted when it comes to these digital currencies.

Bitcoin and Ethereum are both highly speculative assets that cannot be used as a currency globaly because they lack legal support. They are both volatile and volatile assets cannot be used as currency and often lose half their value, or more in just a few days. Until the level of speculative investing in crypto-assets grows and become more mainstream, it is difficult to predict where their value will go in the future.

[Lucius]

The question is, do you think in the long run the dominance of bitcoin will significantly drop and Ethereum will try to compete with bitcoin?

I have the impression that some passionately want Bitcoin to be removed from the throne in any way, and all just so that those who joined the BTC gold rush late could profit. There is no surprise here, everyone who bought coin X during 2017 or earlier for less than $10 per coin has already profited, but is wondering if its price can be even higher.

However, the key features of Bitcoin are not something that any altcoin can just copy, so I think that in the long run no altcoin will take over and become the new king on the throne.

[Turbolinea]

Recently, actually Bitcoin and Ethereum price is moving parallel to each other. But some time ago, Ethereum price was really increasing while Bitcoin's was decreasing. And this could be a sign for the future also. Of course, it will not be easy for Ethereum price to get past Bitcoin's. But I think that it has a potential to do this. Because Ethereum is getting better every year with new big updates.

[mk4]

Recently, actually Bitcoin and Ethereum price is moving parallel to each other. But some time ago, Ethereum price was really increasing while Bitcoin's was decreasing. And this could be a sign for the future also. Of course, it will not be easy for Ethereum price to get past Bitcoin's. But I think that it has a potential to do this. Because Ethereum is getting better every year with new big updates.

Having frequent updates is not much of an advantage than most people think. More updates and more moving parts = far higher chances of bugs and exploits. Remember, we're talking about blockchains here. Bugs are 1000x more disastrous compared to a bug in a typical AWS-hosted app/platform. Kudos to them if they can keep up with the same pace without any problems, but time will tell.

[Sanitough]

Recently, actually Bitcoin and Ethereum price is moving parallel to each other. But some time ago, Ethereum price was really increasing while Bitcoin's was decreasing. And this could be a sign for the future also. Of course, it will not be easy for Ethereum price to get past Bitcoin's. But I think that it has a potential to do this. Because Ethereum is getting better every year with new big updates.

That was a long time ago, and it did not actually happen consistently because bitcoin is still very consistent with its dominance. The lowest dominance rate of bitcoin I remember was over 30%, and now the dominant rate per CMC is 42.3%, and this is actually good for altcoin as before the bull run, it was almost 60%, but as we can see, 42.3% over 17.9% for ETH, there's a huge difference.


    (https://coinmarketcap.com/)

[Furious 7]

Please don't put that picture, lol..

Whether how many experts would say about bitcoin dumping and an altcoin will replace its dominance, I would never believe in that.

As what is shared, that guy in the picture is not a fan of bitcoin, so what can you expect from him, his statement is biased and he will not always appreciate the reality that bitcoin will dominate no matter what.

It's impossible for bitcoin to be dumped and replaced by altcoins, I think it's bitcoin haters who keep giving bad FUD.

So still bitcoin will have more fans than altcoins and this is also how it is completely dominated by bitcoin, if the dumping happens it will follow all altcoins that move down, so what JP morgan said is the person I never responded to .

[Jating]

It's the monthly end of bitcoin future contracts expiration, and usually bitcoin does dump during this time. However, I'm not seeing a huge pump on Ethereum, on the contrary, they've lost the $3k price range. While bitcoin remains on the safe side around $42k-443k.

So it means that smart investors are still buying bitcoin at this price. And for those who have dump bitcoin and move to Ethereum, it will be temporary, they know that bitcoin will go up in the next 3 months. So again if they are smart investors-> buy BTC, simply as that. Forget about Dimon, and usually when he opens his mouth and spew negative things against bitcoin, JP Morgan do the opposite (buy the dip.)

[stadus]

Please don't put that picture, lol..

Whether how many experts would say about bitcoin dumping and an altcoin will replace its dominance, I would never believe in that.

As what is shared, that guy in the picture is not a fan of bitcoin, so what can you expect from him, his statement is biased and he will not always appreciate the reality that bitcoin will dominate no matter what.

It's impossible for bitcoin to be dumped and replaced by altcoins, I think it's bitcoin haters who keep giving bad FUD.

So still bitcoin will have more fans than altcoins and this is also how it is completely dominated by bitcoin, if the dumping happens it will follow all altcoins that move down, so what JP morgan said is the person I never responded to .

It's unlikely but not impossible I guess, the market is very unpredictable, and although bitcoin is already at the top now, the crypto market will still exist and continue to be popular if an altcoin will lead it. I'm not convinced of what he said too, but I will have to digest this kind of negative opinion about bitcoin as it's important if you are investing in a high-risk market.

[Gozie51]

I don't think bitcoin will drop dominance. This dump lately is because of the news from China and bitcoin will always be the worst hit as investors will immediately dump bitcoin and go for the second highest in cryptocurrency which is bitcoin because of the experience of 2017 that altcoins rose after bitcoin started dropping. Investors have been expecting the altcoin run since 2020 when bitcoin bull was highest do far and they expecting this to happen with altcoins for huge cash but unfortunately, bitcoin is recovering again.

[Woodie]

Is the heading suggesting that king bitcoin is losing grip of its throne to Ethereum?? From how things look on my side I might think this could be normal demand of Ethereum going on as eth users try to move their eth tokens here and there nothing from the extraordinary but if this trend keeps up it might be an aspect of manipulation to bring this topic to life and influence us to give second opinions. I hope am wrong about the last part but anything is possible.

[samcrypto]

Is the heading suggesting that king bitcoin is losing grip of its throne to Ethereum?? From how things look on my side I might think this could be normal demand of Ethereum going on as eth users try to move their eth tokens here and there nothing from the extraordinary but if this trend keeps up it might be an aspect of manipulation to bring this topic to life and influence us to give second opinions. I hope am wrong about the last part but anything is possible.

This thread is not to influence I guess but to create a debate on which one is better. Well, this is a normal scenario since then, when Bitcoin dumps altcoins will rise its just that ETH is the top altcoins and that is why it is being compared to BTC. Bitcoin will remain on top, this can’t be changed and we all know that there’s no altcoins that are capable to do so, even ETH can’t replace BTC this is the reality.

[Slow death]

It's amazing that when someone doesn't like bitcoin he uses lower manipulation methods, he used to say that gold was better than bitcoin now that he realized that the price of bitcoin has soared and made big profits people wouldn't listen to him if he talked about gold so he went looking for something that could make people deviate from bitcoin, unfortunately for him this will not work, there is no way to compare ETH with BTC, both have already defined their community and objectives

[Hippocrypto]

Both ethereum and bitcoin had been through a lot of challenges which really caused a lot of worries. Basically this what we've experienced seeing major dumps, price goes down unexpectedly but not really affected huge group of holders.
We will see how the price going to be after end of September, hopefully recovery takes place this October without hindrances.

[livingfree]

JP Morgan/Jamie Dimon only wants to buy all of those cheap bitcoins that will listen to his advice.

If they're even accumulating for the past years and stopping calling what they've used to call bitcoin then people shouldn't listen and just keep their bitcoins.

Just keep it and if someone wants to buy ethereum, buy it with your money and don't dump bitcoins for it.