Crypto Exchange news Crypto-News Expert opinion Market focus Personalities by Crypto Insider 08.07.2021
Alex Mashinsky, Celsius Network CEO and #63 in The Cointelegraph Top 100, suggested that Ether has already started “flippening” Bitcoin by market capitalization. In an interview with Kitco News on Monday, he said that Ethereum has already overtaken Bitcoin based on the US dollar value of holdings in Celsius’s network of over a million users.
Mashinsky said that the presumptive scenario where Ether overtakes Bitcoin as the world’s most valued cryptocurrency is taking place right now.
He claimed that the “flippening” has already happened on Celsius.
“So, Ethereum just surpassed Bitcoin in the last month or two, the first time ever our million users have [Ethereum than Bitcoin],” Mashinsky said. “We manage about $17 billion in deposits or in customer coins, and the number one coin held in dollar terms is Ethereum.”
According to Celsius Network CEO words, Ethereum would completely surpass Bitcoin by 2022-2023 in terms of market capitalization.
“The flippening already happened,” he said. “Ethereum already surpassed Bitcoin in dollar terms as the total holdings of the Celsius community, and I think that the broader market will follow it in the next year or two. We will see that flippening happening also in the broader market.”
Further, Mashinsky guessed that the key trigger for the upcoming flip would be the difference between the major use cases of Bitcoin and Ether. As Bitcoin’s primary use case is the store of value, Ether’s major use case is yield farming, as the practice of locking up or staking cryptocurrency in return for rewards.
“Yield is an application that just has a broader user base. So I think over time you will see a broader adoption of Ethereum than of Bitcoin. But obviously, both of them are exceptional applications and exceptional blockchains, and we will see a broad adoption of both, it’s just that one will exceed the other,” Mashinsky claimed.
Alex Mashinsky is known in the cryptocurrency industry as the founder and CEO of Celsius Network, an all-in-one financial services platform that catapulted in market rankings in 2020. But also, he’s a serial entrepreneur who has achieved remarkable success across several ventures. His startups have reached more than $1 billion in funding and over $3 billion in exits. He holds dozens of patents and was one of the early inventors of “Voice over Internet Protocol” (VOIP).
His Celsius Network, launched in 2018, is a decentralized lending and borrowing platform, which allows users to earn rewards by transferring their coins to the Celsius wallet and borrow dollars or stablecoins against their crypto collateral. The platform operates its own CEL token that is an ERC-20 coin running on the Ethereum network.
Bitcoin, launched in 2009, is the world’s oldest and the most valued cryptocurrency, still dominating other altcoins by market capitalization. Ethereum was launched in 2015 and already became the second-largest cryptocurrency.
According to data from CoinMarketCap, Bitcoin was trading at $34,237 at the time of writing, down 0.24% over the past day, while Ethereum was trading at $2,279, up by 0.07% overnight. Mashinsky is not alone in thinking that Ether will beat Bitcoin. Last month, a market analyst Lyle Daly said on A Motley Fool that Ethereum could be the cryptocurrency with the most potential, as it has a platform for smart contracts, decentralized finance (DeFi) applications, and non-fungible tokens (NFTs).