Bitcoin surpasses $50K as major companies jump into crypto

Re:Bitcoin surpasses $50K as major companies jump into crypto by 4a3f35b5a on Tuesday February 16, 2021 @08:14PM (#26161337)

> These defi protocols are generating huge cash flows. This is real people using decentralized technologies built on blockchains like Ethereum.

I'm fairly new to Crypto so I don't understand this: it's looking like all cool new things are built on Ethereum (which, itself has grown quite a lot) so why is Bitcoin rising? How are Bitcoin & advances in Ethereum-based techonologies correlated?

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Re:Bitcoin surpasses $50K as major companies jump into crypto by snug on Tuesday February 16, 2021 @09:20PM (#26161831)

Bitcoin was the first and is still the most famous cryptocurrency. So good news for any cryptocurrency is good news for bitcoin. Most people at this point know that btc exist, they probably don't know what eth is.

Bitcoin as collateral. Given many people got extremely rich off of bitcoin, they can use bitcoin as collateral for altcoins.

Wrapped bitcoin. Bitcoin can be wrapped in a ERC-20 ETH token backed be an actual bitcoin, similar to stablecoins (USDT, USDC, etc.) and traded using smart contracts

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Re:Bitcoin surpasses $50K as major companies jump into crypto by gge on Tuesday February 16, 2021 @10:21PM (#26162252)

Defi does bring more value to Bitcoin since BTC can be put to use in defi protocols.

Bitcoin is mainly rising for the first reason though, the growth in defi isn't the main driver.

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