Ethereum vs. Bitcoin: Will the ‘Digital Oil’ Outshine the ‘Digital Gold’?

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Bitcoin is the topmost cryptocurrency in terms of market cap. It has a market cap of over $1,268,023,547,204. Ethereum, though is the second highest in the list of the top cryptos, with a market cap of $332,144,936,958, is far behind Bitcoin in terms of market cap. As of today, Bitcoin has a massive market dominance of 51.17%. At the same time, Ethereum’s market presence is just 13.62%.

Can Bitcoin maintain this dominance in the crypto industry forever? Not many think so. Nick Tomaino, the founder of 1confirmation, is the prominent voice among them. In a recent X post, he made some bold statements about the possibility of another crypto to take Bitcoin’s position. Here is what we know about the statement.

Bitcoin Dominance: What Crypto Industry Experts Think 

In a bold statement released by Tomaino in X, he projected Ethereum as the powerful contender for the top position in the crypto market. He predicted that Ethereum would surpass Bitcoin in the near future. His statement made no attempt to belittle Bitcoin and its relevance in the market, instead it stressed primarily on the growing importance and acceptance of Ethereum powered by the fact that it was supported and widely used by the best developers in the web3 industry. He pointed out that not many recognised rightly the growth Etheruem made in the recent past. He went a step ahead, naming Ethereum as digital oil.

Bitcoin Dominance Landscape: An Overview 

At present, Bitcoin has a massive dominance of 51.17% in the cryptocurrency market. This crypto, which is regarded as digital gold, has many loyal investors. It does not mean that it currently faces no challenges in terms of dominance. In the last three months, several times the dominance of BTC has slipped below the 50% mark. Though at present the dominance of Ethereum is 13.62%, in the recent past, it has several times touched the range of 17%: in late May, late June, early July, and even in early August.

Other cryptocurrencies are small players in the industry in terms of dominance; right now, none of them has a dominance value above the market of 5%. USDT, BNB, SOL and XRP (the other players in the list of the top five cryptos apart from BTC and ETH) have 4.99%, 3.59%, 5.87% and 1.43% respectively.

In conclusion, the prediction by the industry expert about the possible surpass of Bitcoin by Ethereum is not insensible for many reasons. Primarily, in the recent past itself, Ethereum has shown strong signs of growth. Secondly, it enjoys the trust of a good number of Web3 developers. If it is asked when this surpass will happen, the sensible answer will be not any time soon. 

Also Check Out: Ethereum Ready for a Huge Surge? Analyst Predicts a $3,000 Rally as Fed Cuts Rates!