A new report by San Francisco Open Exchange (SFOX), which is an institutional cryptocurrency exchange has presented convincing evidence that claims Ether (ETH) may not be an altcoin anymore.
In their latest market report published on July 24, SFOX stated that ETH might not be an altcoin anymore because the correlation between BTC and ETH is pretty high at this point, probably even more than ETH’s correlation with other altcoins.
SFOX thus suggested that “it may no longer be accurate to classify Ethereum as an ‘altcoin.’” The author of the post stated:
“This may support the idea that Ethereum is coming into its own as a blockchain that is publicly recognized as an asset on its own terms, much like Bitcoin. If this trend continues, it may become inappropriate to categorize Ethereum as an ‘altcoin’ on a par with other cryptoassets that are not Bitcoin.”
According to the author, Ether’s correlation to BTC in the 30 days prior to July 22 is 0.788. It’s interesting how the post also contains data demonstrating the correlation between the different assets.
Thus, it might just be time for us to stop calling ETH an altcoin.