Layer 1 refers to blockchains that can serve as the foundation for various programming languages to create applications, known as smart contracts, that perform financial functions.
A Wall Street Journal article published Thursday highlights that retail investors are searching for value coins.
“Interest has flowed out of bitcoin and into for the time being.
Bitcoin’s dominance, its share of the greater cryptocurrency market cap, is one sign of a loss of interest for the world’s oldest cryptocurrency.
“I think ether has benefited from the recent Berlin upgrade,” Jean-Marc Bonnefous, managing partner at investment firm Tellurian Capital.
In the ether derivatives market, ETH futures are now at $10 billion – an all-time high.
BTC is below the 10-hour moving average and the 50-hour on the hourly chart, a bearish signal for market technicians.
“I don’t think this is the last we’ve heard from bitcoin, perhaps just a breather on its march to gold’s market cap,” Coolican said.
The correlation between the two assets, according to data aggregator Coin Metrics, is near zero, which means their prices are no longer moving in sync as they were for most of last year.
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