Ether already ‘flippening’ Bitcoin, says Celsius CEO

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Bitcoin (BTC), the biggest cryptocurrency by market capitalization, has already began dropping its market dominance to Ether (ETH), in accordance with Celsius Network CEO Alex Mashinsky.

In a Monday interview with Kitco Information, Mashinsky argued that the Ether “flippening,” or the hypothetical situation wherein Ether overtakes Bitcoin because the world’s most valued cryptocurrency, is already occurring proper now.

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Mashinsky stated that the flippening has already occurred on Celsius. “We handle about $17 billion in deposits, or in buyer cash, and the primary coin held in greenback phrases is Ethereum,” he stated.

Mashinsky additionally predicted that Ether may have fully surpassed Bitcoin by way of market cap by 2022 or 2023:

“The flippening already occurred. Ethereum already surpassed Bitcoin in greenback phrases as the entire holdings of the Celsius group, and I believe that the broader market will comply with it within the subsequent 12 months or two. We are going to see that flippening occurring additionally within the broader market.”

Mashinsky went on to counsel that the principle set off for the upcoming flippening could be the distinction between the important thing use instances of Bitcoin and Ether. In accordance with the CEO, Bitcoin’s major use case is the shop of worth, whereas Ether’s main use case is yield farming, the observe of staking or locking up crypto in return for rewards.

“Yield is an utility that simply has a broader person base. So I believe over time you will note a broader adoption of Ethereum than of Bitcoin. However clearly each of them are distinctive purposes and distinctive blockchains, and we’ll see a broad adoption of each, it’s simply that one will exceed the opposite,” Mashinsky said.

Launched in 2018, the Celsius Community is a decentralized lending and borrowing platform, permitting customers to earn rewards by transferring their cash to the Celsius pockets and borrow {dollars} or stablecoins towards their crypto collateral. The platform operates its personal CEL token that’s an ERC-20 coin working on the Ethereum community.

Associated: Bitcoin’s active addresses fall below Ethereum’s after 60% drop in six weeks

Bitcoin has emerged because the world’s oldest digital foreign money and essentially the most valued cryptocurrency, dominating altcoins like Ether by way of the market cap. Ether, the second-largest cryptocurrency by market cap, was launched in 2015 and has but to overhaul Bitcoin by way of market worth.

On the time of writing, Bitcoin’s share of the crypto market — additionally known as Bitcoin dominance — is 44.6%, whereas Ether’s stands at 18.5%, in accordance with data from CoinMarketCap.

All-time Bitcoin dominance chart. Supply: CoinMarketCap

Mashinsky shouldn’t be alone in considering that Ether will flip Bitcoin by way of worth. Final week, Galaxy Digital founder and CEO Mike Novogratz additionally predicted that Ether could become the “largest cryptocurrency sooner or later.”