5 ms·

Ethereum has gone up $30 within 30 days

33 points by suhail 9y ago

joshfraser 9y ago
It's an interesting time in the crypto world. Bitcoin dominance has been plummeting in the past few months. In January, Bitcoin made up 87% of all crypto currency. Today it's 60%. Most of the movement has been to ETH, but all of the alt-coins have benefited from the movement. Alt-coins now have a 15b market cap! http://coinmarketcap.com/charts/#btc-percentage http://coinmarketcap.com/charts/#btc-percentage
- kordless 9y ago
  > Bitcoin dominance has been plummeting in the past few months. Bitcoin's price is at an all time high. Please clarify what "dominance" means from your perspective.
  - clishem 9y ago
    He already did. Market share of cryptocurrencies.
  - kakarot 9y ago
    They clarified with context in the very next sentence. They were talking about market share. They even provided a link.
  - joshfraser 9y ago
    True. In the crypto world, BTC dominance refers to the percentage of market cap that is tied up in BTC versus ETH and every other alt-coin. There's roughly a 36 billion dollar market cap of all crypto currencies right now. 60% of that is in BTC. 40% is in Ethereum, Ripple, Litecoin, etc.
    - kordless 9y ago
      You stated Bitcoin dominance plummeted. My observation is Bitcoin's dominance has increased, by way of it's increase in market cap compared to the fiat by which it is measured, US dollars. Bitcoin's overall value, like any startup or company, is determined by far more than it's comparative value to all other cryptocurrencies, who's numbers are increasing with Bitcoin's value. It's like saying, because new startups are being formed at an increasing rate to write mobile apps, Apple's "dominance" in the market is falling. That would be a flawed argument with Apple, and it's a flawed argument with Bitcoin. That is especially true given Ethereum doesn't have a viable use-case anyone is using it for right now, and most of the trading is simply speculation of future value, which isn't really value, or a right to "dominance", whatever that means when applied to speculation. And yes, people can cherry pick numbers to rationalize their arguments, and then vote down people who they "prove" to be "wrong" when the person is just asking to clarify what something means because there is CLEARLY more going on here than what meets the eye. I'm growing bored of the HN audience's dogma.
- dane-pgp 9y ago
  One obvious reason for the sudden move away from bitcoin is the exponentially increasing fees caused by the artificially limited block size. https://i.imgur.com/7BXFyWX.jpg https://i.imgur.com/7BXFyWX.jpg Rather than paying the high fees of bitcoin, people are making their transactions in other currencies instead. Unsurprisingly, the currencies that allow more transactions are more economically useful, so their value edges up.
- tboyd47 9y ago
  Hypothesis: When the Bitcoin ETH was rejected, altcoins went from plan B to plan A for cryptocurrency speculators.
  - toomim 9y ago
    You mean bitcoin ETF?
    - joeblau 9y ago
      Yeah they do... that read really funny to me.
      - tboyd47 9y ago
        Hah, yeah. ETF, I mean.
kordless 9y ago
For all of Ethereum's features, it has a minimal amount of moderate value use-cases in production. I'm not talking about wishful thinking of future use cases here. Ethereum has yet to find a killer use case to take it mainstream. Although the DAO was suppose to be the big use case, all that did was expose the fact the developers and leaders of the project are willing to fork the chain to protect the early investors. Frankly, it might as well be a Silicon Valley startup, except it doesn't have to justify having good use-cases or adoption. Just keep the hype machine going and it'll do well. If hype trends off, without finding a killer use-case, well, I don't suppose it will matter much.
- kbody 9y ago
  At the moment their use-case is "selling blockchain" to enterprise. Plus ease of creating even more altcoins to ICO so some people can make quick money without any real product. It's even more unforunate that there are people from Ethereum Foundation training people just to make succesful ICOs (see the recent Gnosis debacle), but that's the price of having a wild west so innovation can grow, it attracts "sketchy" characters which unfortunatelly distract from real world breakthroughs. I'm just glad that we still have a lot of genuine people focusing on work that will push the cryptocurrency world forward.
- phire 9y ago
  I spent the weekend researching Ethereum and speculating on why people are investing in Ethereum (as opposed to other altcoins). I've come to the conclusion that there are two major reasons: 1) Momentum. Ethereum is (by many measures) the top performing alt coin. It's the most likely to be accepted on random websites, companies are investing in it and it looks like it has interesting potential. People see that and jump on, hoping the momentum will continue. 2) Stability. Crypto-nerds like you and me look at DAO and shake our heads, "reverting transactions goes against the whole concept". But to investors it looks like stability, which is attractive to them. There is now the implication that the developers will step in and fix any major mistakes. It's not just ill-defined smart contracts, theoretically the developers could intervene in cases of stolen ETH from wallets of major exchanges, or anything really which could threaten the stability of the currency as a whole.
bdcravens 9y ago
ETH is often exchanged paired with BTC, not USD. As the price of BTC has gone up, so has the USD price. By that basis, it spent much of the past month down about 20% and only recently got back to where it was in late March.
Retr0spectrum 9y ago
> Ethereum has gone up 59.8% within 30 days, against USD Would be a more meaningful title for those who haven't been following the price already.
nodesocket 9y ago
The dollar amount is not really important. Should be what percent Etherum is up in the last 30 days.
- sscarduzio 9y ago
  This does not make sense, you always need to quantify the price of something in some unit to compare it to itself in the past. BTC, USD, SDR, Kg of Gold, you choose.
  - tgsovlerkhgsel 9y ago
    For stock, a percentage is typically given, because it doesn't matter what dollar amount one arbitrary unit gained. What matters much more is "if I had invested $1000, how much is it now". Saying that it gained $30 is meaningless without knowing the previous value - if Bitcoin gains or loses $30, nobody cares, if Ethereum gains $30, that's over 50% gain in value.
monkmartinez 9y ago
The only people that care are those that hold cryptocurrencies. I wonder what that looks like in terms of percent of world's population. I bet it is absolutely tiny... So we have the same crappy situation in cryptocurrency land that we have in fiat land. Wealth concentration. Meh, I am going to stick with the stuff that is backed by floating armadas, gigantic planes/bombs/missiles, and Devil Dogs.

33 points by suhail 9y ago

It's an interesting time in the crypto world. Bitcoin dominance has been plummeting in the past few months. In January, Bitcoin made up 87% of all crypto currency. Today it's 60%. Most of the movement has been to ETH, but all of the alt-coins have benefited from the movement. Alt-coins now have a 15b market cap! http://coinmarketcap.com/charts/#btc-percentage http://coinmarketcap.com/charts/#btc-percentage

kordless 9y ago
> Bitcoin dominance has been plummeting in the past few months. Bitcoin's price is at an all time high. Please clarify what "dominance" means from your perspective.
- clishem 9y ago
  He already did. Market share of cryptocurrencies.
- kakarot 9y ago
  They clarified with context in the very next sentence. They were talking about market share. They even provided a link.
- joshfraser 9y ago
  True. In the crypto world, BTC dominance refers to the percentage of market cap that is tied up in BTC versus ETH and every other alt-coin. There's roughly a 36 billion dollar market cap of all crypto currencies right now. 60% of that is in BTC. 40% is in Ethereum, Ripple, Litecoin, etc.
  - kordless 9y ago
    You stated Bitcoin dominance plummeted. My observation is Bitcoin's dominance has increased, by way of it's increase in market cap compared to the fiat by which it is measured, US dollars. Bitcoin's overall value, like any startup or company, is determined by far more than it's comparative value to all other cryptocurrencies, who's numbers are increasing with Bitcoin's value. It's like saying, because new startups are being formed at an increasing rate to write mobile apps, Apple's "dominance" in the market is falling. That would be a flawed argument with Apple, and it's a flawed argument with Bitcoin. That is especially true given Ethereum doesn't have a viable use-case anyone is using it for right now, and most of the trading is simply speculation of future value, which isn't really value, or a right to "dominance", whatever that means when applied to speculation. And yes, people can cherry pick numbers to rationalize their arguments, and then vote down people who they "prove" to be "wrong" when the person is just asking to clarify what something means because there is CLEARLY more going on here than what meets the eye. I'm growing bored of the HN audience's dogma.
dane-pgp 9y ago
One obvious reason for the sudden move away from bitcoin is the exponentially increasing fees caused by the artificially limited block size. https://i.imgur.com/7BXFyWX.jpg https://i.imgur.com/7BXFyWX.jpg Rather than paying the high fees of bitcoin, people are making their transactions in other currencies instead. Unsurprisingly, the currencies that allow more transactions are more economically useful, so their value edges up.
tboyd47 9y ago
Hypothesis: When the Bitcoin ETH was rejected, altcoins went from plan B to plan A for cryptocurrency speculators.
- toomim 9y ago
  You mean bitcoin ETF?
  - joeblau 9y ago
    Yeah they do... that read really funny to me.
    - tboyd47 9y ago
      Hah, yeah. ETF, I mean.

kordless 9y ago

For all of Ethereum's features, it has a minimal amount of moderate value use-cases in production. I'm not talking about wishful thinking of future use cases here. Ethereum has yet to find a killer use case to take it mainstream. Although the DAO was suppose to be the big use case, all that did was expose the fact the developers and leaders of the project are willing to fork the chain to protect the early investors. Frankly, it might as well be a Silicon Valley startup, except it doesn't have to justify having good use-cases or adoption. Just keep the hype machine going and it'll do well. If hype trends off, without finding a killer use-case, well, I don't suppose it will matter much.

kbody 9y ago
At the moment their use-case is "selling blockchain" to enterprise. Plus ease of creating even more altcoins to ICO so some people can make quick money without any real product. It's even more unforunate that there are people from Ethereum Foundation training people just to make succesful ICOs (see the recent Gnosis debacle), but that's the price of having a wild west so innovation can grow, it attracts "sketchy" characters which unfortunatelly distract from real world breakthroughs. I'm just glad that we still have a lot of genuine people focusing on work that will push the cryptocurrency world forward.
phire 9y ago
I spent the weekend researching Ethereum and speculating on why people are investing in Ethereum (as opposed to other altcoins). I've come to the conclusion that there are two major reasons: 1) Momentum. Ethereum is (by many measures) the top performing alt coin. It's the most likely to be accepted on random websites, companies are investing in it and it looks like it has interesting potential. People see that and jump on, hoping the momentum will continue. 2) Stability. Crypto-nerds like you and me look at DAO and shake our heads, "reverting transactions goes against the whole concept". But to investors it looks like stability, which is attractive to them. There is now the implication that the developers will step in and fix any major mistakes. It's not just ill-defined smart contracts, theoretically the developers could intervene in cases of stolen ETH from wallets of major exchanges, or anything really which could threaten the stability of the currency as a whole.

bdcravens 9y ago

ETH is often exchanged paired with BTC, not USD. As the price of BTC has gone up, so has the USD price. By that basis, it spent much of the past month down about 20% and only recently got back to where it was in late March.

Retr0spectrum 9y ago

> Ethereum has gone up 59.8% within 30 days, against USD Would be a more meaningful title for those who haven't been following the price already.

nodesocket 9y ago

The dollar amount is not really important. Should be what percent Etherum is up in the last 30 days.

sscarduzio 9y ago
This does not make sense, you always need to quantify the price of something in some unit to compare it to itself in the past. BTC, USD, SDR, Kg of Gold, you choose.
- tgsovlerkhgsel 9y ago
  For stock, a percentage is typically given, because it doesn't matter what dollar amount one arbitrary unit gained. What matters much more is "if I had invested $1000, how much is it now". Saying that it gained $30 is meaningless without knowing the previous value - if Bitcoin gains or loses $30, nobody cares, if Ethereum gains $30, that's over 50% gain in value.

monkmartinez 9y ago

The only people that care are those that hold cryptocurrencies. I wonder what that looks like in terms of percent of world's population. I bet it is absolutely tiny... So we have the same crappy situation in cryptocurrency land that we have in fiat land. Wealth concentration. Meh, I am going to stick with the stuff that is backed by floating armadas, gigantic planes/bombs/missiles, and Devil Dogs.