Apologies, Bitcoin supporters. Brace yourselves.
Image Source: pixabay - WorldSpectrum
As I have discussed about Bitcoin's falling market dominance in my article 3 days ago titled: "Bitcoin: The World Can No longer Sustain Its Mining Costs - Ethereum Rising", Ethereum may be overtaking Bitcoin in due time.
Ethereum is definitely gaining much more value against Bitcoin the past months. Ethereum's market cap was only one-third of Bitcoin's in Jan 2018. But today, Ethereum stands at 18 percent while Bitcoin hovers around 37 percent - Ethereum is currently at the halfway mark to surpass Bitcoin.
Source: Steemit - tysler
Just yesterday, Nicholas Kith on CryptoRecorder has picked up on my news on the rise of Ethereum. He has also mentioned the possibilities of a Bitcoin flippening due to the dominance of altcoins.
The moment the flippenning happens and altcoins start getting valued independently of bitcoin, we are likely to see a massive surge in values. This could actually mark the beginning of the biggest explosion of the cryptocurrency market to date.
Source: CryptoRecorder - Nicholas Kith
Ethereum and Bitcoin has had a close fight during June 2017, when Bitcoin dropped to ~38 percent while Ethereum bounced up to ~31 percent in market dominance. At that point, Ripple was holding ~10 percent while the altcoins held the remaining ~20 percent of the market. While Ethereum, Ripple and other altcoins are growing steadily in the cryptocurrency market, Bitcoin has fallen drastically last month, from 44 percent to 37 percent. Overall Bitcoin's performance this year is looking grim but might still remain bullish in the long-term.
Ethereum's value has been surging up the last month, jumping from 0.05 to 0.08 BTC per 1 ETH. Similarly, the value of EOS has risen incredibly from 0.0005 to 0.0016 BTC, 3 times more in the past 2 months.
Image source: coingecko - ETH/BTC prices
What to Expect and Investment Directions
I still hold BTC like everyone else, but lesser and lesser each day. Without proper justifications for Bitcoin's high transaction fees and zero interest rate for combating inflation, it has been a tacky situation so far for new investors to buy Bitcoin.
Divestment is necessary and key in keeping your crypto portfolio balanced. I do not recommend holding just one coin, Bitcoin, Ethereum, EOS, Ripple or even Steem. We need the flippening because we need cryptocurrencies to become independent of Bitcoin prices. Ethereum is much better on its own. Often I do wonder if Bitcoin Cash is "the Original Bitcoin" as they claimed themselves to be.
Perhaps Bitcoin has finally aged well in its 10-year horizon, becoming vintage only to be cherished by the sentimental.
-tysler
Image source: pixabay - WorldSpectrum