ETH has started flippening BTC
In terms of market capitalization expressed in US dollars, ETH is on track to beat BTC. The process known as ‘flippening’ has actually begun, so it is only a matter of time before ETH comes first as the most valuable cryptocurrency in the world, ETH. At least that is the opinion of the CEO Celsius Network Director Alex Mashinsky.
BTC – the largest cryptocurrency by market capitalization – began to lose market dominance to Ethereum. In an interview with Kitco News on Monday, Mashinsky said that flippening is already underway.
“We manage approximately $ 17 billion in customer deposits or coins, and the number one coin held in dollars is ETH.” said MAshinsky with the fact that filppening has already become a reality on Celsius.
In two years!
Mashinsky further predicted that Ether would completely outperform bitcoins by 2022 or 2023 in terms of market capitalization:
“Flippening has already taken place. ETH has already outperformed bitcoin in dollar terms as the total share of the Celsius community, and I think a wider market will follow in the next year or two. We’ll see how flippening is also happening in the wider market. “
Why should this happen?
The head of Celsius also talks about the different use of the two main cryptocurrencies. According to the CEO, the primary case of using BTC is value retention, while the main case of using Ether is profitable farming. Users make money by staking or locking cryptocurrencies in exchange for rewards.
Generating revenue “is an application that has a broader user base, “ believes Mashinsky. That is why he believes that over time we will see a wider acceptance of Etherea than BTC.
“…But obviously they are both exceptional applications and exceptional blockchains, and we will see wide acceptance of both, it’s just that one surpasses the other, “said Mashinsky.
Celsius is a decentralized lending platform that allows users to earn rewards by transferring their coins to their Celsius wallet and borrowing dollars or stablecoins against their crypto collateral. The CEO of the platform says that they are witnessing how ETH outperforms BTC in this industry. According to him, it is a matter of two years before ETH completely overthrows the king of the cryptotrhu. However, BTC’s debtors would probably argue that Celsius’s view may be distorted by simply preferring HODL in their own wallet over third-party applications or other platforms.
ETH is the second largest cryptocurrency by market capitalization. It was launched in 2015 and has never surpassed BTC in market share. And what is your opinion, will she ever succeed?