Ethereum Now in Command of 51% BTC’s Market Cap

The global crypto economy continues to be over-dominated by two of the best digital currencies of the world namely Bitcoin and Ethereum. However, Ethereum’s progress as compared to its rival, Bitcoin, has been such that Ethereum is overpowering Bitcoin in multiple aspects. For instance, as of today, Ethereum has halfway neared Bitcoin’s market capitalization of US$ 1.07 Trillion.

Bitcoin does enjoy superiority amongst more than a thousand cryptocurrencies. Similarly, it dominates the global crypto economy by its value and quantity and also by its market capitalization. But there are certain aspects in which Bitcoin has been falling behind Ethereum.

Ethereum presently is the second most valued digital currency, leading the digital currency market after Bitcoin. However, in contrast with Bitcoin, Ethereum is dominating the digital currency market in terms of daily trade volume, usage, and smart contracts.

There was an 11% price increase for Ethereum two weeks ago. The annual surge for Ethereum in the year 2021 was about 668%. In terms of gains, however, Ethereum gains for 2021 were 190% higher than the Bitcoin gains.

There is also a huge difference between the two lead coins if their monthly trade volumes were compared. Ethereum’s monthly trade volume exceeds US$ 31 Billion while Bitcoin’s trading volume is about US$ 36 Billion. Although, Bitcoin is in the lead against Ethereum, yet there is a huge difference between the values of both coins. As per present market rates, a single BTC’s price is US$ 56,589 while an Ether coin can be bought for just US$ 4,545.31. Considering the underlying asset value difference between the two, evidently, Ethereum is ahead of Bitcoin.

The competition between the two is becoming more interested as Ethereum has been able to go past a market capitalization of US$ 557 Billion. Ethereum’s market cap is falling short of just US$ 450 Billion against Bitcoin’s market cap which is US$ 1.07 Trillion.

As compared to Bitcoin, Ethereum owners prefer to keep their Ether coins for longer periods. For instance, there are about 59% of owners of Ethereum have been keeping their Ether coin intact for over a year. Then 33% of Ether owners are such who held their coins for more than a month and less than a year. At least 11% are those who dispose of their Ether coins in less than a month. For Bitcoin, however, the trend is different as the majority of Bitcoin owners do not intend to keep their coins intact for long-term purposes. Instead, 76% of Bitcoin owners are such who sell their Bitcoins in less than a year. 20% of Bitcoin owners are those who are used to selling their Bitcoin assets after 12 months. Only 4% of the Bitcoiners are in the habit of selling BTCs in less than a month’s time.

Even in the Non-Fungible Tokens (NFTs) market, Ethereum has completely dominated Bitcoin. Almost 80% of the NFTs sales are being conducted on the basis of Ether coins.