Celsius CEO Says Ether Has “Disappeared” Bitcoin

Bitcoin (BTC), the largest cryptocurrency by market capitalization, has started to lose market dominance to Ether (ETH), according to Celsius Network CEO Alex Mashinsky.

In an interview with Kitco News on Monday, Mashinsky argued that Ethers “sliding price”, or the hypothetical scenario in which Ether overtakes Bitcoin and becomes the world’s most valuable cryptocurrency, has just occurred.

Mashinsky says the drop happened in degrees Celsius: “We manage about $ 17 billion in customer deposits or funds, and the number one dollar held coin is Ethereum,” Mashinsky said.

Mashinsky also predicts that Ether will completely overtake Bitcoin in terms of market capitalization by 2022 or 2023:

“The slide has passed. Ethereum has overtaken Bitcoin in dollars as wholly owned by the Celsius community and I think the broader market will follow suit in the next year or two. We will see that there is a downward trend in the broader market as well. “

Mashinsky further suggested that the main trigger for the impending slide will be the divergence between key Bitcoin and Ether use cases. According to the CEO, the main use case of Bitcoin is in store of value, while the main use case of Ether is in profit farming or the practice of staking or locking the cryptocurrency for rewards.

“Yield is an app with a broader user base. So I think that over time you will see wider adoption of Ethereum compared to Bitcoin. But both are clearly special uses and special blockchains, and we’re going to see both of them widespread, it’s just that one will surpass the other, ”Mashinsky said.

The Celsius Network was launched in 2018 and is a decentralized credit and credit platform that enables users to earn rewards by transferring their money to Celsius’s wallets and borrowing dollars or fiat-based stablecoins. The platform operates its own CEL token, which is an ERC-20 coin that runs on the Ethereum network.

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Bitcoin has become the oldest digital currency in the world and the most valuable cryptocurrency, and dominates altcoins like ether in terms of market capitalization. Ether, the second largest cryptocurrency by market capitalization, was launched in 2015 and has not yet overtaken Bitcoin in terms of market value.

At the time of writing, Bitcoin’s share of the crypto market – also known as Bitcoin dominance – is 44.6%, while Ether is 18.5%, according to data from CoinMarketCap.

Mashinsky isn’t the only one who believes that ether will overturn Bitcoin in terms of value. Last week, Galaxy Digital founder and CEO Mike Novogratz also predicted that ether could “one day become the largest cryptocurrency.”