Olaf Carlson-Wee, CEO of hedge fund Polychain Capital, says Bitcoin may lose its edge over Ethereum as soon as the end of next year.
With the highest market share and price, Bitcoin remains the most popular cryptocurrency today. The aggressive growth of Ethereum, the market’s second-most popular cryptocurrency, has led Carlson-Wee to predict in an interview with Bloomburg that it will overtake Bitcoin by the end of 2018.
He even speculates that the market cap of Ethereum will surpass that of Bitcoin before the end of this year. He explained:
What we’ve seen in Ethereum is a much richer, organic developer ecosystem develop very, very quickly, which is what has driven Ethereum’s price growth, which has actually been much more aggressive than Bitcoin.
A New Challenger Appears
The value of Bitcoin has skyrocketed more than 500% since this time last year. It currently stands at around $2,500 USD, more than ten times the value of ETH. Nevertheless, Ethereum has grown even faster, and is now worth more than 20 times its value just four months ago.
Additionally, Ethereum has slowly creeped into Bitcoin’s market share, which has tumbled to nearly half its 90% stake just four months ago. In that same time frame, it has quadrupled its market share to 30%. Given current trends, it would not be surprising to see Ethereum take the lead within even a few months.
Ethereum Catching Up to Bitcoin
Proponents of Ethereum claim it offers numerous advantages, the most important of which is that it acts as a smart contract system. Ethereum allows decentralized apps to be built on its blockchain, creating a synergistic effect that increases its value as more projects are added to it.
“Each project…becomes a multiplier on the existing value of our system, resulting in exponential, rather than linear gains, for every new project that integrates
So will Ethereum take over Bitcoin by 2018? Please leave your opinion below