Celsius CEO said that Ether has “flipped” Bitcoin

Bitcoin (Bitcoin), the largest cryptocurrency by market capitalization, has begun to lose its market dominance to Ether (Ethereum), according to Alex Masinski, CEO of Celsius Networks.

In an interview with Kitco News on Monday, Masinsky debate The hypothetical scenario where the ether “flips”, or ether replaces Bitcoin as the world’s most valuable cryptocurrency, has now happened.

Masinsky said that the temperature in degrees Celsius has changed drastically. “We manage approximately $17 billion in deposits or customer tokens, and the number one token in U.S. dollars is Ethereum,” he said.

Mashinsky also predicts that by 2022 or 2023, the market value of Ether will completely exceed that of Bitcoin:

“The flip has already happened. As the total holdings of the Celsius community, in dollar terms, Ethereum has surpassed Bitcoin. I think the broader market will follow in the next year or two. We will look at the broader market. To this flip.”

Mashinsky went on to state that the main trigger for the upcoming rollover is the difference between the key use cases of Bitcoin and Ethereum.According to the CEO, the main use case of Bitcoin is store of value, while the main use case of Ether is Yield agriculture, Mortgage or lock cryptocurrency in exchange for rewards.

“Yield is an application with a wider user base. So I think over time, you will see Ethereum gaining wider adoption than Bitcoin. But obviously, they are both excellent applications and excellent We will see widespread adoption of both, but one will surpass the other,” Mashinsky said.

Launched in 2018, Celsius Network is a decentralized lending platform that allows users to get rewards by transferring their coins to Celsius Wallet and borrowing U.S. dollars or stablecoins with their encrypted collateral. The platform operates its own CEL token, which is an ERC-20 token running on the Ethereum network.

related: Bitcoin’s active addresses are lower than Ethereum after falling 60% in six weeks

Bitcoin has become the world’s oldest digital currency and the most valuable cryptocurrency, dominating altcoins such as Ethereum in terms of market value.The second largest cryptocurrency by market capitalization, Ether is Launched in 2015 And it has not surpassed Bitcoin in terms of market value.

According to reports, at the time of writing, Bitcoin’s share of the crypto market (also known as Bitcoin dominance) is 44.6%, while Ethereum’s is 18.5%. data From CoinMarketCap.

Chart of Bitcoin’s dominance in history. Source: CoinMarketCap

Mashinsky is not the only one who believes that Ether will flip Bitcoin in terms of value. Last week, the founder and CEO of Galaxy Digital Mike Novogratz also Predict that ether may become “One day the biggest cryptocurrency.”