The leading cryptocurrency Bitcoin after a long pause broke the $12k barrier recently. But the bears overtook the market and currently, bitcoin price has reached $11,612.34. Despite the bitcoin bullish trend major altcoins have not experienced any major movements and continued the horizontal chart for weeks.
In addition to this, Former Wall Street trader Max Keiser recently claimed that BTC dominance is heading to 80% & altcoins are dying. Max says don’t be the last to rotate out of alts into BTC.
As Keiser’s claimed the death of Altcoin, the San Francisco Open Exchange (SFOX) suggest that maybe it is compatible with the Ether. The SFOX’s report stated that Bitcoin has way more correlation with the Ether as compared to any other Altcoin.
He further claimed that this could probably support the notion that Ethereum that is recognized as an asset is shifting into its terms like blockchain, same as Bitcoin. If the trend continued, then categorizing Ethereum as Altcoin would be inappropriate.
In the SFOX report, the author wrote that BTC has a much larger correlation with ETH than other altcoins.
“This may support the idea that ETH is coming into its own as a blockchain that is publicly recognized as an asset on its own terms, much like BTC. If this continues, it may become inappropriate to categorize ETH. As an ‘altcoin’ on a par with other crypto assets that are not BTC.”
Previously, Keiser claimed Bitcoin price will cross $15,000 this week as the confidence in a centralized financial system and governments is lowest right now.