Is Ethereum Eating Bitcoin?
In this article we have written Ethereum Is Eating Bitcoin?
Ethereum having long played second fiddle to the number one cryptocurrency, bitcoin is moving into the limelight. The ethereum price, climbing more than 10% over the last 24-hour trading period and including to gains of almost all 300% so far this year, remains far behind the bitcoin price, but price isn’t everything, with the number of bitcoin tokens “wrapped” into ethereum doubling in August.
Bitcoin can be wrapped onto ethereum blockchain using a number of ethereum-based tokens, like the WBTC, which was discharged in popularity since May, according to data from Dune Analytics. During most periods in August, more bitcoin was wrapped onto ethereum than it was created by Bitcoin miners.
Bitcoin wrapped unto ethereum blockchain making use of WBTC is backed 1:1 by bitcoin and minted by locking up bitcoin on the bitcoin blockchain. It is believed that by wrapping bitcoin onto ethereum making it compatible with sharp contracts, users may be able to unlock tools such as lending, liquidity provision, and decentralized exchanges.
Read our other article on: Top 7 Bitcoin Wallets Available in Nigeria
Will BTC crash again?
Currently that the institution has moved into bitcoin in 2020, the Bitcoin has shown more support over the past few couple of months. We won’t see a repeat on the March crash, but bitcoin will still remain a bit more volatile than valuable.
Why is Bitcoin dropping?
Three key factors likely caused the Bitcoin price to drop: miner outflows, the strength of the U.S. dollar, and major resistance.
Why is Bitcoin going down?
Prices for ether, the native currency of the Ethereum blockchain, tumbled 8.3% on Thursday after a 7.6% drop the prior day. Total value locked in DeFi more than doubled in August to $9.5 billion but has retreated to about $9.1 billion in the past few days.
How many times has Bitcoin died?
Following the Bitcoin Obituary Page, Bitcoin has been dead 379 times from 2010-2019 of an impressive variety of causes. The number is undoubtedly understated since it is based on a limited sample of obituaries.
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