E Will Ethereum Ever Overtake Bitcoin?

Bitcoin is the pioneer cryptocurrency and has continually dominated the industry. According to CoinGecko, bitcoin accounts for 42% of the total cryptocurrency market capitalization while ethereum dominance is at 18%. But this scenario could change soon. 

Ethereum is the second leading cryptocurrency. However, the cryptocurrency is according to some crypto experts expected to surpass bitcoin and become the dominant cryptocurrency. Ethereum overtaking bitcoin is not a stealthy idea and is often referred to as flippening. But why is ethereum set to become the dominant cryptocurrency? 

Ethereum Growing Value  

Bitcoin, being the cryptocurrency pioneer, had the first-mover advantage. Its name was synonymous with the whole blockchain and crypto industry. Despite the increases in its unit price, it has shed significant market share. The digital currency market capitalization was more than 85% during the 2017 bull run which is almost twice the current value. 

To give you a clear picture, bitcoin is what Yahoo was to the internet world. Despite recording more than three times competitors’ traffic, its uniqueness dwindled as other companies started offering similar products. Ultimately, yahoo was overtaken as the dominant search engine.

With a market cap of $375 billion, ethereum is less than half of bitcoins total value of $870 billion. However, Ethereum has grown seismically by more than 1000% in the last 12 months, far more than bitcoin’s 300% growth. Currently, ethereum is trading at $2400 and has cemented its place as the second-largest biggest cryptocurrency. While all these numbers look very good for Ethereum, there are also of course Ethereum price forecasts that expect for ETH to actually drop in value in the near future.

Why Ethereum Will Become the Biggest Cryptocurrency

While there is much work required to catch up with bitcoin, Goldman Sachs analysts believe ethereum could establish itself as the leading virtual currency. Guggenheim Partners co-founder Todd Morley, says Ethereum is “where the action is.” 

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Disclaimer: This article is not an investment advice.

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William K. 4 weeks ago Member's comment

Interesting and quite educational indeed. Thanks for the good article.