thenewscrypto.com
Ethereum is surpassing Bitcoin as the most valued cryptocurrency in the world. Bitcoin (BTC) has begun to lose market dominance to Ethereum (ETH).
According to the CEO of Celsius Network, Alex Mashinsky Bitcoin had the largest market capitalization but now Ether overtakes BTC. He says that Ether has already flipped Bitcoin in terms of dollars.
Mashinsky shares that it has already happened in Celsius and explained the deposits. He stated that about deposits of over $17 billion on customer coins with Ethereum being the most valuable coin in terms of dollars. He added:
“The flipping has already occurred. In dollar terms, Ethereum has already surpassed Bitcoin as the total holdings of the Celsius community, and I believe the broader market will follow suit in the next year or two. That reversal will be seen in the broader market as well.”
Moreover, Mashisky believes that the key use cases of Bitcoin and Ether would be the reason for this flipping. Bitcoin’s foremost use case is a store of value whereas the use case of Ether is yield farming and staking crypto for rewards.
According to Mashisky, Ethereum will completely surpass Bitcoin by market cap in 2022 or 2023. Besides, he thinks that people will gradually adapt to Ethereum rather than Bitcoin. Although both BTC and ETH are exceptional applications, as a matter of fact, one will surpass the other.
ETH Yet To Overtake BTC
Bitcoin appears to be the world’s oldest cryptocurrency and people consider it to be the king of cryptocurrencies. BTC contemplates as the most valuable coin outperforming all other altcoins in the market.
Ethereum is the second-largest cryptocurrency by market capitalization which was established in 2015, is yet to overtake Bitcoin. Already Ether has surpassed Bitcoin in terms of dollars but yet to overtake in terms of market cap.
According to Coinmarketcap data, the market dominance of Bitcoin is 44.48%, whereas for Ethereum it stands at 18.66%, at the time of writing.
Significantly, Mashinsky is not the only one who predicts that Ethereum will surpass Bitcoin one day in terms of value. Even Mike Novogratz, founder and CEO of Galaxy Digital, predicted last week that Ether could become the “biggest cryptocurrency one day.”