Nailed it? Ethereum-Bitcoin ‘Hybrid’ eBTC Gains 300 Percent on Investor Hype

A brand new altcoin calling itself “the brand new ERC20 Bitcoin,” eBTC, has elevated in worth 335 % because it launched Monday.

The curious idea, which is making an attempt to turn out to be “a tokenized model of Bitcoin on the Ethereum Blockchain,” accomplished an airdrop to Ethereum (ETH) holders previous to its debut Oct. 1.

“There’s at the moment no broadly accepted tokenized model of Bitcoin on Ethereum, which is fairly shocking,” builders clarify on eBTC’s web site.

“[…] As eBTC grows, it would show Ethereum’s capabilities and strengthen it is (sic) stance amongst crypto-currencies.”

In accordance with information from Coinmarketcap, eBTC launched with a worth of round $zero.03 per token, however as of press time had elevated to $zero.20 as alternate EtherDelta turned concerned in buying and selling it.

The uptick is paying homage to an growing variety of altcoin belongings which have ridden a wave of speculative curiosity to balloon in value with out direct hyperlinks to an ICO occasion.

Nonetheless, each volatility and general reputability of such belongings has been conspicuous. eBTC nonetheless lacks even a whitepaper, and its technical functions stay imprecise.

“I imagine that eBTC, with adoption, could possibly be an actual asset for Ethereum,” the developer description provides.

“It won’t solely increase Ethereum’s recognition within the cryptocurrency neighborhood but additionally within the eyes of the general public, whereas additionally offering a approach to make the most of Ethereum’s huge capabilities with a token which is consultant of Bitcoin.”

Investor enthusiasm for ERC20 tokens has beforehand resulted in even brazenly satirical ideas elevating real worth, the primary instance being July’s Ineffective Ethereum Token (UET).