How cryptocurrency ethereum looks set to overtake bitcoin — in one chart
Interesting chart and take on how Ethereum may overtake the market cap of Bitcoin. Ethereum definitely has a huge and active developer community backing it. What do you think?
Just as Wall Street is paying more attention to bitcoin, a rival is increasingly threatening to become the top dog among cryptocurrencies.
Ethereum’s market capitalization has neared bitcoin’s, as shown in the chart below from CoinMarketCap.
As of June 18, bitcoin BTCUSD, +2.79% (shown in orange on the chart) accounted for 38% of the combined market capitalization for all cryptocurrencies, down sharply from 87% on Feb. 25.
Blame the erosion on ethereum (shown in purple), which on that date made up 32% of the total market cap, up from just 5% in February.
Bitcoin has since regained some ground, accounting for 44% of the market cap as of mid-July vs. ethereum’s 24%.
Its bound to overtake BTC even with the bloodbath it just endured.