LongHash Report: “Bitcoin Dominance Index (BDI) is Lagging Behind the Bletchley ETH Index (BETI)”
- All of the major altcoins listed on the BETI weighted index now have their individual blockchain ecosystems.
- According to a host of technical data available online, it appears as though Bitcoin is not the only digital currency to have garnered a lot of mainstream interest this year.
As many of our regular readers may already be aware of, one of the primary factors that determine the financial potential of a new cryptocurrency is its “overall market capitalization”. In this regard, it should be pointed out that the Bitcoin Dominance Index [BDI] is quite frequently used to assess the market cap of the flagship crypto asset — with latest data showing that the currency’s BDI has increased from 53 percent to 58 percent over the past few weeks.
Additionally, it should also be stated that XRP — Ripple’s native token offering — whose market dominance over Bitcoin was quite substantial back in 2017 is currently
“down by almost 50% against the premier alt-token (this year)”.
- When compared to the other top-10 altcoins available in the market today, we can see that Ether is still down by 14% against Bitcoin.
- Surprisingly enough, the Bletchley Ethereum Token — a digital asset built atop the ETH ecosystem — has outperformed Bitcoin in 2019.
- Ever since Binance launched its Decentralized Exchange (DEX) last month, the firm’s native BNB token has been surging — with the coin currently trading around the $30 mark after having been introduced into the market at a base price of $6.
- TRX too seems to have surged by over 40% (when compared to the US Dollar) since the start of the year.
Despite the BETI metric outperforming the Bitcoin Index this year, it is worth pointing out that from a purely financial standpoint, BTC is still by and large the alpha of the crypto domain. It now remains to be seen what the future has in store for the flagship digital currency.