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- allpay.cards joins Fintech consortium to drive banking innovation expired
- Mobile payments to expand from $348bn to just under $1.3trn by 2022, finds report expired
- Lloyds launches Open Banking app for credit card and savings customers expired
- The next Bitcoin run is imminent, says deVere CEO expired
- First-time buyer and home-mover numbers on the up, finds UK Finance expired
- CMA drops Non-Standard Finance/Provident Financial merger inquiry expired
21st September 2018
Bitcoin will lose 50% of its market share to Ethereum in five years
Bitcoin will lose 50 per cent of its cryptocurrency market share to Ethereum within five years, according to Ian Mcloed, from Thomas Crown Art. His comments come as Ethereum, the world’s second-largest cryptocurrency by market cap, began a price recovery after being hit hard with a major sell-off in recent weeks.
Bitcoin – the biggest digital currency – had also been in decline, but it bounced back quicker than its nearest competitor. Indeed, Ethereum had crashed 85 per cent overall this year. However, Ethereum is regained ground late last week, jumping almost 14 per cent after its most recent plunge, only find itself trading again 10 per cent lower once more in the past 24 hours.
What is happening? And what does the future hold for Ethereum? Mr Mcloed said: “Turbulence is a regular, and sometimes welcome, feature of the crypto sector. Therefore, the Ethereum rebound was, and is, inevitable. But not only do we think it will rebound considerably before the end of 2018, I believe that over the longer time it will significantly dent Bitcoin’s dominance.
“In fact, I think we can expect Bitcoin to lose 50 per cent of its cryptocurrency market share to Ethereum, its nearest rival, within five years. Ethereum offers more uses and solutions than Bitcoin, and it’s backed with superior blockchain technology.
“Unless Bitcoin does more now to tackle scalability issues, and improves the technology it runs on, we cannot see how it can catch up with Ethereum over the next five years or so, when the crypto market will be even more mainstream. Ethereum is already light years ahead of Bitcoin in everything but price – and this gap will become increasingly apparent as more and more investors jump into crypto.”