Celsius Network CEO Alex Maschinksy believes Bitcoin is going to lose market dominance to Ethereum within the next couple of years, according to market cap trends.
In an interview with Kitco News early this week, Mashinsky offered that he sees Ethereum overtaking Bitcoin as the most valued cryptocurrency – overtaking its market cap and price tag. Referring to it as the “Ether flippening”, the CEO notes that Celsius customers are already favouring the leading altcoin over the original cryptocurrency. In the interview, he stated:
“We manage about $17 billion in deposits, or in customer coins, and the number one coin held in dollar terms is Ethereum. The flippening already happened. Ethereum already surpassed Bitcoin in dollar terms as the total holdings of the Celsius community, and I think that the broader market will follow it in the next year or two. We will see that flippening happening also in the broader market.”
According to Mashinsky, the primary reason for Ethereum adoption over Bitcoin will come down to the use-case. While Bitcoin is able to offer a store-of-value and transactional functions, Ethereum’s use-cases are expansive with yield farming and staking for future rewards a key attraction for traders and more serious investors in the market:
“Yield is an application that just has a broader user base. So I think over time you will see a broader adoption of Ethereum than of Bitcoin. But obviously both of them are exceptional applications and exceptional blockchains, and we will see a broad adoption of both, it’s just that one will exceed the other.”
As it stands currently, Ethereum is sitting at a price tag of $2,278.28 – just a fraction of Bitcoin’s current value of just above $34,000. If Ethereum should overtake Bitcoin, it will mean either many alternative investors looking to add Ethereum to their portfolio – sending the price skyrocketing above that of Bitcoin – or Bitcoin investors pulling their funds from the leading cryptocurrency and putting it towards Ethereum.