The crypto market is sometimes plagued by a herd mentality. Most of the time, price movement in one asset can be used to predict movement in another and possibly the entire market. For Bitcoin, it’s a bit more controlling as it can rise and pull up the altcoins with it, and vice versa. However, there are some quarters where it is believed that there might be some independence to price movement, even if only a little.
Chris Burniske, a partner at Placeholder venture capitalist firm, has said there’s a chance that Ethereum could break out from the crowd mentality and attain a bit more individuality. According to him:
“Ethereum is currently the only asset with an independent and large enough community to break off from Bitcoin setting the pace.”
As optimistic as Burniske is about his prediction, he adds that it could take some time before it eventually does happen. At the moment, Bitcoin is still largely regarded as the king coin with the highest value and largest market cap.
However, Ethereum could possibly isolate itself if there is a recorded increase in its general adoption and integration into the world’s various markets and sectors. Until then, Burniske thinks the top two assets in the market will continue to dictate the rest.
The Best of the Altcoins is no longer an Altcoin
A recent report from the San Francisco Open Exchange seems to corroborate the theory that Ethereum is slowly become its own master and might no longer be on the altcoin level anymore. The report noted that there is a strong correlation between Bitcoin and Ether, much stronger than Bitcoin has with any other coins. The report says:
“If this trend continues, it may become inappropriate to categorize Ethereum as an “altcoin” on a par with other crypto assets that are not Bitcoin.”
Ethereum has a Few Feathers in its Hat
Ethereum is probably the most capable blockchain in the sector. At the moment, it supports more about 1,600 decentralized applications (DApps) and is the main framework for 94 altcoins among the top 100. Ethereum reportedly also has the largest pool of developers in the sector, with more than 200 lending their expertise to the blockchain.
At this time, Ether is trading at $221 with a $23 billion market cap.