The institutional cryptocurrency exchange San Francisco Open Exchange (SFOX) has suggested that the Ethereum (ETH) token should no longer be referred to as an altcoin. The exchange's experts' conclusions are reported in its latest market report published on July 24. Ethereum is not an altcoin In their text, SFOX experts suggested that "it is no longer accurate to classify Ethereum as an altcoin." The reason why the exchange suggests that ETH cannot fit into the "altcoin" category is that the current correlation of BTC's price with Ether is much higher than its correlation with the prices of other altcoins. It further reads: "This may support the idea that Ethereum [is seen] as a blockchain that is widely recognized as an asset [and operating] on its own terms, much like Bitcoin. If this trend continues, it may become inappropriate to classify Ethereum as an 'altcoin' on par with other cryptocurrencies that are not Bitcoin." The post also includes data illustrating the correlation between different resources. In this section, the authors state that Ether's correlation with BTC 30 days prior to July 22 was 0.788. The correlations of the rates of other altcoins with Bitcoin were: Bitcoin Cash (BCH) - 0.638, Litecoin (LTC) - 0.577, Bitcoin Satoshi Vision (BSV) - 0.619, Ethereum Classic (ETC) - 0.602. LibraCoin and the cryptocurrency market The report also indicates that the recent controversy surrounding Facebook's LibraCoin cryptocurrency has apparently increased Bitcoin's volatility and dominance in the market. It is further indicated that Bitcoin's dominance in the cryptocurrency market has increased from around 50% in March to 65%. LibraCoin has caused great controversy in the market. So much so that among American politicians there were even ideas to ban cryptocurrencies. It was suggested, for example, by Congressman Brad Sherman. Also, President Donald Trump added that he is not a fan of cryptocurrencies: "I am not a fan of Bitcoin and other cryptocurrencies that are not money and whose value is very volatile, they are virtually empty. Unregulated crypto assets can facilitate illegal behavior, including drug trafficking and other illegal activities." Ethereum itself could even benefit from BTC's potential problems. Especially if there is a repeat of the clogging problem in the next bull market.... Tags ethereum altcoin ethereum bitcoin ethereum exchange rate ethereum is not an altcoin ethereum token
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