2022-10-13 19:10 |
Ethereum has “a good chance” of flipping Bitcoin to become the world’s largest cryptocurrency by market capitalization, Anthony Di Iorio an Ethereum Co-Founder, has said. Speaking to Kitco News, Anthony noted that Ethereum’s win over Bitcoin’s dominance would be a result of its sound and steady growth.
“I do feel that there’s a good chance that if Ethereum keeps at the direction that it’s going, it could be that flippening happening,” said Anthony.
The pundit, who has previously disclosed purchasing his first Bitcoin in 2012, suggested that the period between 2016 and 2019 was a real eye-opener on the possibility of Ethereum towering over Bitcoin. “So I only had an opinion on that maybe for the last few years,” he said, asked about his thoughts on the flippening.
After a period of stunted growth following its creation, Ethereum’s ebbing tide came in 2016, with the cryptocurrency surging more than 2000% in the first six months to trade at just over $21 in June. For 2016, however, nothing drew attention to Ethereum more than the attack on The DAO, which led to a hard fork in July. In the latter part of the year, Ethereum lost most of its gains, significantly hampering its Market cap. However, Ethereum seems to have overcome those challenges with major upgrades endearing it to investors and resulting in a recovery of its total value. According to Anthony, the central selling point for Ethereum in its has been its ability to undergo critical upgrades without compromising decentralization.
“I have always seen Ethereum as very steady, very willing to delay to ensure security, safety. So I’ve become a much bigger fan over the last couple of years and I have learned some lessons over that time.”Anthony added.
The Merge, the most enormous structural shift for any cryptocurrency in history, has perhaps been the best narrative reason for Ethereum flipping Bitcoin yet. Although Bitcoin has remained the biggest cryptocurrency by market cap since the Genesis block was mined in 2009, primarily due to its limited supply, experts have argued that Ethereum is fated to overtake bitcoin due to its smart contract capabilities.
On January 1, 2021, Bitcoin’s dominance in the total crypto market sat just above 71%, while Ethereum was 10.66%. As of writing, bitcoin was hovering around $19,133 with a market capitalization of just above $366 billion, representing 39.8% of the total digital asset market. On the other hand, Ether was trading for $1,299 with a market capitalization of $159 billion, 17% of crypto’s collective capitalization.
Assuming Bitcoin’s price holds steady, a back-of-the-napkin calculation shows the flippening would happen if Ethereum surges past $3,040.
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