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Bitwise: Ethereum Can Flip the Banking-System on its Head


Bitwise: Ethereum Can Flip the Banking-System on its Head

From the outside, there’s just one cryptocurrency worth any mention, Bitcoin. The king coin holding over 62 percent of the market capitalization of the entire coin market will take some beating, and according to its opposers, the coin that has the best shot at dethroning the king is Ethereum. The second-largest cryptocurrency in the market, Ethereum has a market capitalization of $26.7 billion, a sixth of Bitcoin’s holding, but is gaining momentum. Formed as a decentralized internet to Bitcoin’s decentralized currency, Ether, the crypto of the Ethereum network has fared better in 2020. A recent quarterly report from CoinGecko pointed out that in Q2 2020 Ethereum increased its market dominance by 1.6 percent, while Bitcoin only saw a gain of 0.3 percent, and ETH saw the highest quarterly price increase among the top coins. Price-performance aside, while Bitcoin could be the currency for the world, replacing fiat money as we know it, Ethereum could do the same to the banking system. According to the recent monthly investor report by cryptocurrency investment firm Bitwise Asset Management, Ethereum has value far beyond payment, its networks is one of “programmability,” could be “one of the most exciting applications of blockchain technology.” The report read, Read More...