Crypto goes a lot additional than simply Bitcoin – small caps

The cryptocurrency asset class continues to grow as coins that offer new technologies and services enter the market.

One of the more interesting trends in cryptocurrencies is the relationship between them.

While some are all tossing different coins into one basket, there has been some interesting movement between the coins.

Bitcoin – long the largest and most successful of the cryptocurrencies – didn’t get everything going for a change, as its dominant position has waned somewhat in the face of a wave of newer coins that are attracting speculators and investors.

Of course, much of this is a function of price, with Bitcoin suffering as some of the smaller hot newbies like Polkadot and Cardano take off.

That could change pretty quickly if there was a rush on Bitcoin – something some chartists are tipping for the future, pointing to past rapid gains in Bitcoin after suffering a series of falls.

Bitcoin reduced by around 20% – other coins room to grow

According to some estimates, assets under management for Bitcoin-related investment products fell by about 20% to $ 54 billion in December, even though the cryptocurrency continued to make strides to become a legitimate part of the global economy.

That has resulted in Bitcoin falling below 70% of digital coins, as some of the smaller coins are gaining ground as their value and networks increase.

Many other cryptocurrencies as the largest achieved spectacular returns in 2021, with Dogecoin, Polkadot, and Cardano all gaining prominence – along with the stablecoin Tether.

Is Ethereum Bitcoin the natural successor?

The continued success of Ethereum – the second largest cryptocurrency, which has risen above Bitcoin – has given hope to those who believe that it will eventually become a natural successor to the Bitcoin throne due to its decentralized smart contract platform that also hosts some other coins is.

After all, they see Ethereum’s ability to host smart contracts and decentralized applications as the key to running a range of financial products and one day becoming the dominant cryptocurrency.

This process is known as “the flippening” and takes place when the currency on this platform – ether – becomes the dominant cryptocurrency – measured by market capitalization, but also by other measures, including active addresses, number of transactions, transaction volume, trading volume, total transaction fees , Number of nodes and even number of Google searches.

While there is no guarantee that the flippening will ever take place, the fact that, despite the great virtue of Bitcoin, it is still actively talked about and monitored is another interesting fold in the cryptocurrency universe.

US regulators are putting a handbrake on Bitcoin ETFs

Perhaps the biggest drag on Bitcoin’s progress has been the reluctance of the US Securities and Exchange Commission to give the green light to a physical (spot) Bitcoin Exchange Traded Fund (ETF).

Proposals from Grayscale Investments LLC and Bitwise Asset Management Group were put on hold by the SEC in December, which will take another 45 days to review the proposals.

That means the SEC is now expected to decide on February 1 and February 6, respectively, whether Bitwise and Grayscale filings will be approved or denied.

In its reasoning, the SEC wrote: “The Commission believes it is appropriate to establish a longer period of time within which action must be taken on the proposed rule change so that it has sufficient time to review the proposed rule change and any comments received.”

On November 12th last year, the SEC refused to approve VanEck’s physical Bitcoin ETF for trading on Cboe Global Markets Inc since June last.

The SEC has long argued that spot Bitcoin ETFs violate securities regulations because the market is vulnerable to fraud, manipulation, and abuse, although they are happy with futures-based ETFs as Bitcoin futures are traded on highly regulated exchanges – im Contrasted with actual bitcoin.

Australia in the final stages for Bitcoin and Ethereum ETFs

Here in Australia, BetaShares and ETF Securities are both in the final stages of approval for direct Bitcoin and Ethereum ETFs, and BetaShares already has a pure crypto ETF product that trades as ASX: CRYP.

These products come after Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), issued some tough guidelines on exchange-traded crypto products, which include a range of safeguards designed to protect investors from some of the more serious scandals that have plagued the company Crypto industry.


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