Novogratz suggested quoting the price of satoshi instead of bitcoin
Renowned digital asset investor Mike Novogratz said that the cryptocurrency market should shift attention from bitcoin pricing to the price of a single satoshi, because “so many people told me that $58,000 for a bitcoin is too expensive.” Indeed, given that one bitcoin is made up of 100 million satoshi, in terms of price scale a satoshi rate ticker might look more convenient. Novogratz also asked the question, “which crypto exchange will start quoting Satoshi first?”
It is time to switch to Satoshis. Too many people telling me at $58,000 $BTC too expensive. Which exchange will be first to quote in SATS? @cz_binance @brian_armstrong @SBF_Alameda @tyler
- Mike Novogratz (@novogratz) May 8, 2021
Meanwhile, while the cryptocurrency community is pondering Novogratz’s thesis, it turns out that CoinMarketCap service de facto supported the entrepreneur’s idea and has already started providing quotes of named satoshi. However, investors need to be careful not to confuse satoshi as part of bitcoin from similarly spelled token names that can be issued by decentralized finance (DeFi) projects.
Note that bitcoin, after a price spike to $59,000 late last week, is trading at $57,200 early on May 10. Investors continue to be interested in various other digital assets: the price of Ethereum at the beginning of May 10 is near the level of $3,85 thousand, looking up to the value of $4 thousand.
Ethereum’s level of dominance has risen to 18.5%, while the similar figure for bitcoin continues to decline and stands at 44.3% with a total market capitalization of $2.41 trillion in digital assets. At the same time, the number of Ethereum involved in DeFi continues to decline, showing a trend since April 20: then the figure was 11.1 million ETH, and at the beginning of May 10 – 10.28 million ETH, and this despite the fact that the total investment in DeFi continues to increase and according to DeFiPulse exceeds $83 billion.