“Profit is king”! The view is that the market value of Ethereum will surpass Bitcoin in 1-2 years

How long can Bitcoin’s dominance last?

According to QKL123 data, on July 6, the market value of Bitcoin’s dominance (percentage) has fallen to 44.6%, while the market value of Ethereum has risen to 18.5%. Compared with the beginning of the year, Bitcoin’s market value accounted for 69.8% at that time, while Ethereum was only 12.8%.

According to Celsius Network CEO Alex Mashinsky, although Bitcoin (BTC) is currently the largest cryptocurrency by market capitalization, it has begun to lose its market dominance to Ethereum (ETH).

In an interview with Kitco News on Monday, Mashinsky believed that Ethereum is “flipping”, or that the hypothetical scenario that Ethereum replaces Bitcoin as the world’s most valuable cryptocurrency has now happened.

He said that this “flipping” has already happened on the Celsius platform. “We manage crypto deposits or customer tokens worth approximately $17 billion, of which the largest token is Ethereum.”

Mashinsky also predicts that by 2022 or 2023, the market value of Ethereum will completely surpass Bitcoin:”The flip has already happened. Ethereum has surpassed Bitcoin in terms of US dollars in the total holdings of the Celsius community. I think the broader market will follow in the next year or two. We will be in the broader market See this flip.”

Mashinsky went on to state that the main trigger for the upcoming rollover is the difference between the key use cases of Bitcoin and Ethereum. According to the CEO, the main use case of Bitcoin is value storage, while the main use case of Ethereum is revenue farming (liquid mining) or the practice of collateralizing or locking cryptocurrencies in exchange for rewards.”Yield (Yield) is an application with a wider user base. So I think over time, you will see Ethereum gaining wider adoption than Bitcoin. But obviously they are both excellent applications and excellent With blockchain, we will see widespread adoption of both, but one will surpass the other,” Mashinsky said.

Launched in 2018, Celsius Network is a decentralized lending platform that allows users to get rewards by transferring their coins to their wallets and borrowing U.S. dollars or stable coins with their encrypted collateral.

Bitcoin is the world’s oldest digital currency and the most valuable cryptocurrency, and it dominates altcoins such as Ethereum in terms of market value. Ethereum is the second largest cryptocurrency by market value. It was launched in 2015 and has never surpassed Bitcoin in terms of market value. The closest market value of the two was in June 2017, when Bitcoin’s market value accounted for 37%, while Ethereum’s market value accounted for 31%.

According to data from CoinMarketCap, at the time of writing, Bitcoin’s share of the crypto market (also known as Bitcoin dominance) is 44.6%, while Ethereum is 18.5%.

"Profit is king"! The view is that the market value of Ethereum will surpass Bitcoin in 1-2 years

Chart of Bitcoin’s dominance in history. Source: CoinMarketCap

Mashinsky is not the only one who believes that Ethereum will flip Bitcoin in terms of value. Last week, Mike Novogratz, the founder and CEO of Galaxy Digital, also predicted that Ethereum could “one day become the largest cryptocurrency.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/profit-is-king-the-view-is-that-the-market-value-of-ethereum-will-surpass-bitcoin-in-1-2-years/
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