Ethereum Looks Set To Surpass Bitcoin In Market Cap
- Posted on Jun 17, 2017
The market capitalization of a virtual currency known as ethereum is increasing at a faster rate and reaching the level of bitcoin despite having a seven-fold difference in rate.
As per the recent chart presented by CoinMarketCap, bitcoin presently accounts for approximately 39% of the total market capitalization for all the digital currencies. However, the figure is very down as compared to the late February i.e. 87%.
Over the past four months, the ethereum which accounts for 31% of the total market cap of the virtual currency drops by just a five percent at the same time. Since its introduction in 2009, the bitcoin has enjoyed the biggest share of the cryptocurrency market without any tough competition.
Ethereum that has been launched just two years back has become one of the biggest rivals of Bitcoin.
Russian- born programmer Vitalik Buterin has launched this currency. He also launches an open-source computing platform known as ethereum which is based on the blockchain technology.
As per the given data from CoinDesk, the present market cap of bitcoin is around $40 billion with the price swinging closer to $ 2,400, whereas the market cap of the ethereum is more than $ 29 billion with a price near $ 315 per coin.
Some of the experts are saying that ethereum will definitely surpass the bitcoin. According to the Motherboard.vice.com news outlet, the young digital currency nearly has five times more nodes in its network as bitcoin that means the number of people is more who are using their computers to support it.
On the other hand, the banking industry companies have conflicting opinions on the cryptocurrencies so far.
A bearish forecast is issued by a Goldman Sachs technical expert on bitcoin earlier this week and Morgan Stanley analysts are expecting a great rally for cryptocurrencies to fail if the digital currencies don’t get some acceptance from the government.