Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Institutional cryptocurrency exchange San Francisco Open Exchange suggests that Ether may not be an altcoin anymore.
Institutional cryptocurrency exchange San Francisco Open Exchange (SFOX) suggested that Ether (ETH) may not be an altcoin anymore, in its latest market report published on July 24.
ETH is more correlated to BTC than other alts
In its post, SFOX suggested that “it may no longer be accurate to classify Ethereum as an ‘altcoin.’” The exchange is suggesting that ETH may not fit into the altcoin category because BTC’s current correlation with Ether is markedly higher than its correlations with other altcoins. The author of the post also notes:
“This 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 ‘altcoin’ on a par with other cryptoassets that are not Bitcoin.”
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.