In the United States, the results of a new poll praise Ether. Out of 1,000 people questioned, 46% believe that the cryptocurrency from the Ethereum ecosystem (ETH) could overtake Bitcoin (BTC) within a few years. Let’s take a closer look at the different information shared by this survey, as well as the history of the dominance between Bitcoin and Ether.
Bitcoin losing momentum in the US?
Here’s news that could make Bitcoin’s (BTC) biggest fans cringe. According to a survey of 1,000 Americans conducted by CryptoVantage, 46% believe that Ethereum (ETH) will overtake Bitcoin (BTC) within the next few years.
According to the methodology used, all participants resided in the United States, were over 16 years of age and had purchased cryptocurrencies in the last five years. It should be noted that this survey was aimed at a broad audience where the profiles questioned did not require in-depth knowledge of the market.
As a result, 21% of respondents said that Dogecoin (DOGE) could outperform Bitcoin. Conversely, 16% said that no altcoins are capable of competing with the world’s leading cryptocurrency.
However, those surveyed seem to be united under one banner when it comes to whether Bitcoin’s price will reach new heights: 70% believe that the king of cryptocurrencies will surpass its highest point (ATH) before 2028. Similarly, 23% of respondents believe that a new ATH could be reached as early as 2024.
The history of the battle between Ether and Bitcoin
For many years, Bitcoin, the first cryptocurrency to emerge, crushed the cryptocurrency market. From January 2009 to February 2017, its dominance fluctuated between 99% and 95%. This means that, for every €1,000 of valuation on the cryptocurrency market, more than €950 was attributed to Bitcoin.
However, with the bullish trend of 2017, a new cryptocurrency experienced a popularity never seen before. The valuation of the Ethereum ecosystem, co-founded by Vitalik Buterin, has seen its total capitalisation grow by leaps and bounds, to the point where it is gradually catching up with that of the king of cryptocurrencies.
Graph showing Bitcoin’s dominance of the cryptocurrency market between 2015 and today
In July 2017, while Bitcoin’s dominance stagnated at around 55%, Ether’s exceeded 30%. The infatuation of some investors with the native cryptocurrency of the Ethereum blockchain prompted the creation of a new term: flippening.
Flippening refers to a potential situation where the capitalisation of Ether exceeds that of Bitcoin. There are many debates about the likelihood of such an event occurring: some emphasise the primordial role of Bitcoin as the digital equivalent of gold, while others defend Ethereum and its ability to develop use cases via its smart contracts.
At the time of writing, Bitcoin’s dominance is 50%, while Ether’s stands at 19.65%. With a capitalisation in excess of $220 billion, some investors agree that ETH has become too important on the cryptocurrency market to be considered in the altcoin category.
