For just about as long as digital currencies have existed, Bitcoin was synonymous with crypto. While other coins have had their specific peaks and drops, once they stabilized, they were a part of the crypto market. When Bitcoin dropped, the entire market went down, and when it rose, the entire market soared.
However, the situation is changing as cryptocurrencies become more well-known and more knowledgeable actors join the space. Bitcoin started to show its flaws, and people have realized it’s not much other than a store of value. As far as everyday use goes, Bitcoin wouldn’t be fit for the modern world.
Enter Ether. Unlike Bitcoin, the cryptocurrency runner-up has been on a consistent path forward. Including new functions and features, it’s been inching towards its main contender. However, until recently, it’s been too far behind to have a realistic chance of overtaking it.
But with the highly-anticipated Ether merger, it’s been progressing strongly. Compared with Bitcoin’s shrink, we may be looking at a new head cryptocurrency sooner rather than later.
As it stands, Bitcoin’s market cap has slipped from mid-June’s 47.5% to 39.1%. However, during that time, Ether has grown significantly, progressing from 16% to 20.5%.
The change would mark a turning point in cryptocurrency history. While a lot of crypto investors are losing money as a result of bitcoin dropping, it’s good news for crypto as an asset. The shift means users are actually starting to consider cryptocurrencies for their features rather than simply as investment assets.
We don’t expect the switch to happen overnight. Bitcoin is still undoubtedly the most well-known cryptocurrency and the one a lot of investors will default to. However, the proof is undeniable; Bitcoin is shrinking while Ether is quickly gaining. And with how turbulent the crypto world is, they may exchange medals in the blink of an eye.