Bitcoin is the world’s largest and most prominent cryptocurrency. It is the largest because of its market cap, Bitcoin price, and total Bitcoins in usage. The bigger the Bitcoins on the market or the greater the Bitcoin value, the greater the market cap. This further confirms the role of Bitcoin on the top. Bitcoin currently holds the Number 1 rank among all the cryptocurrencies.
Since the inception of Cryptocurrency, many cryptocurrencies have made their place in the top 10. But, most of them eventually faded away. Only one remained constant, i.e., the Bitcoin.
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Will Ethereum Overtake Bitcoin?
Most probably, Yes. Bitcoin may lose its Numer 1 tag soon. It faces a serious threat from Etherum, the world’s second-largest cryptocurrency.
Ethereum had managed to surge high, even when Bitcoin dominated the market. It recently hit a new price peak by trading at $676 on 17 December. As a matter of fact, some like Raoul Pal suggests that in 10 years, Ethereum could surpass Bitcoin by its mark cap and the analyst argues that he considers Bitcoin to be a value-added collateral base layer, while ETH is the trust layer that exchanges value.
My hunch is BTC is a perfect collateral layer but ETH might be bigger in market cap terms in 10 years for the reasons above.
Money and collateral is just the base layer. Everything builds on top.
The store of value is collateral, the trust layer and exchange of value is bigger
— Raoul Pal (@RaoulGMI) December 11, 2020
Some Ethereum supporters think that Ethereum can potentially overcome Bitcoin’s market capitalization. The idea is that Ethereum’s multilayered existence can provide Ethereum with greater acceptance over time, provided that the bitcoin has a single case of being a rich store and medium of trade.
So, to conclude, if Ethereum continues to surge at this rate, then, in all certainty, it can overtake and end the dominance of Bitcoin.
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