Will Ethereum Overthrow Bitcoin ?

image : CoinTelegraph

Launched in 2015, Ethereum is a decentralized software platform that allows SmartContracts and Distributed Applications (ĐApps) to be built and run without downtime, cheating, control or interference from third parties. Ethereum is not only a platform but also a programming language (Turing complete) that runs on blockchain, helping developers to build and publish distributed apps. The potential applications of Ethereum are extensive.

If one looks at the price of Bitcoin versus Ethereal, Ethereal seems to outperform other digital currencies that can be compared with bitcoin. Single Bitcoin prices have been floating between about $ 2300 and about $ 3000 for several weeks, while Ethereum hovers about $ 300 per token. However, the big difference in prices conceals the fact that Ethereal's market capitalization is rapidly approaching Bitcoin, and the calculation makes some digital money users wonder whether Ethereal will get rid of Bitcoin as the top cryptoes in the near future.

Applications on Ethereum are run on their platform-specific cryptographic tokens, ether. During 2014, Ethereum has launched a pre-sales ether that gets tremendous responses. The ert is like a vehicle for moving around the Ethereal platform, and most developers are looking to develop and run applications inside Ethereal. Ether is widely used for two purposes, it is traded as a digital currency exchange like any other crypto and is used inside Ethereal to run applications and even to make money. Ether cotton (ETH) is now more than Ripple and Litecoin although far behind bitcoin (BTC).

Bitcoin's Market Share Rises from 87% to 39%

The rapid decline in Bitcoin in prices over the past few months, with a single coin value nearly tripling since the beginning of the year, has occurred simultaneously with the digital currency that has seen its share of the combined market capitalization for all crypto diarrhea significantly. . At the end of February this year, Bitcoin accounted for 87% of the market capitalization for the cryptocurrency industry. Now, according to research by CoinMarketCap and guided by RT.com, Bitcoin has seen that figure drop to just 39%. Ethereum, on the other hand, previously accounted for more than 36% of the overall market share of all digital currencies. That number also fell to mid-June, but only about 5% in the last four months.

What does this mean? The market capitalization of the digital currency industry as a whole is growing very fast, as are the number of different digital currencies. Bitcoin begins as the largest fish in the pond (small stature), and as the field has become more crowded, Bitcoin has seen its market share diminish. The fact that the Etereum basically retains its position relative to the total market cap means that the market itself is growing very quickly. Bitcoin's market share is around $ 40 billion, while Ethereum's is over $ 32 billion.

Ethereum as Biggest Rival of Bitcoin

The difference in market growth is what drives some people to suggest that Ethereum quickly become Bitcoin's biggest rival for the top spot in the crypto world in Crete. Ethereum is only available for two years, while Bitcoin has been in the market for over a decade. Actually, Bitcoin's age may be a barrier and even sparked a debate about how to measure Bitcoin's network in order to accommodate the booming user pool of Bitcoin and the transaction gets very hot. With Bitcoin still relying on many of the original codes, other cryptocurrencies can take into account the pitfalls that Bitcoin experienced when developing their own systems.