Everything is Up Against ETH

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1ETH=1ETH, with zero movement, but all else is green for the past 24 hours according to data from Coinmarketcap.

Most of the top coins are up by about 2%. Even tether is up some 1.6%, while dogecoin is up 13% against eth, and the reason for it is because doge can now connect to ethereum’s blockchain.

Can’t explain that. Nor is there much explanation as to how so many tokens built on top of ethereum are in green today against eth.

Current top crypto prices in eth.

Bitcoin’s market cap is now five times that of eth. Ripple, and even Bitcoin Cash, is now half of ethereum’s market cap. Even Tether is 10% of eth.

You now need 30 eth for one bitcoin, when at eth’s peak you needed just five eth per btc. Even one bch is worth twice more than eth, although bch does have about 10x lower supply, but Dash is nearly at eth parity.

Neither bch nor dash have smart contracts, with eth able to do all they can and quite a bit more due to its programming language Solidity, yet for now the market seems to think almost everything is worth more than eth today than it was yesterday.

What changed? In many ways nothing. Eth has seen no black-swan event. The network is performing just as it always has. Moving hundreds of thousands of transactions a day at penny fees across the globe in a permissionless way while providing dapps where you can play with your programmable money.

Sentiment clearly has changed, but sentiment tends to follow price rather than lead it, not leas because until recently they were all bulls while the price kept falling. Now they’re all bears.

Arguably the delay of Casper might have added some fuel, but a 32eth Casper is a lot better than 1,500 eth casper. Plus, the new Casper might be pretty close to full Proof of Stake, something which may bring inflation in the near future close to zero.

While as far as capacity is concerned, bitcoin spiked while handling just 300,000 transactions, while people had to wait a week for a confirmation, and while fees rose to $50. Eth, on the other hand, has conceptualized sharding, which is quite a breakthrough.

So maybe it is more just a question of supply and demand, with supply to be reduced potentially next month, while ICOs must eventually be running out of eth, at least as far as it concerns a sell pressure above demand.

Yet it is curious that no other coin has such full green against other top cryptos. BCH comes closest, but a red against ethereum makes eth the only one to see all other coins gaining on it for today.

Which may indicate ethereans themselves are perhaps converting their eth into other cryptos, or perhaps eth is seeing more sell pressure into fiat than other cryptos.

Something which might continue until only the true eth believers are left or those who think there is no point doing anything with their eth now than just leaving it where it is.

Copyrights Trustnodes.com

 

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