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Ether already ‘flippening’ Bitcoin, says Celsius CEO



Bitcoin (BTC), the most important cryptocurrency by market capitalization, has already began dropping its market dominance to Ether (ETH), in line with Celsius Community CEO Alex Mashinsky.

In a Monday interview with Kitco Information, Mashinsky argued that the Ether “flippening,” or the hypothetical situation by which Ether overtakes Bitcoin because the world’s most valued cryptocurrency, is already taking place proper now.

Mashinsky stated that the flippening has already occurred on Celsius. “We manage about $17 billion in deposits, or in customer coins, and the number one coin held in dollar terms is Ethereum,” he stated.

Mashinsky additionally predicted that Ether will utterly surpass Bitcoin when it comes to market cap by 2022 or 2023:

“The flippening already happened. 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.”

Mashinsky went on to counsel that the principle set off for the upcoming flippening could be the distinction between the important thing use instances of Bitcoin and Ether. Based on the CEO, Bitcoin’s main use case is the shop of worth, whereas Ether’s main use case is yield farming or the apply of staking or locking up crypto 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 said.

Launched in 2018, the Celsius Community is a decentralized lending and borrowing platform, permitting customers to earn rewards by transferring their cash to the Celsius pockets and borrow {dollars} or stablecoins towards their crypto collateral. The platform operates its personal CEL token that’s an ERC-20 coin working on the Ethereum community.

Associated: Bitcoin’s energetic addresses fall beneath Ethereum’s after 60% drop in six weeks

Bitcoin has emerged because the world’s oldest digital foreign money and essentially the most valued cryptocurrency, dominating altcoins like Ether when it comes to the market cap. Ether, the second-largest cryptocurrency by market cap, was launched in 2015 and has but to overhaul Bitcoin when it comes to market worth.

On the time of writing, Bitcoin’s share of the crypto market — additionally known as Bitcoin dominance — is 44.6%, whereas Ether’s stands at 18.5%, in line with information from CoinMarketCap.

All-time Bitcoin dominance chart. Supply: CoinMarketCap

Mashinsky shouldn’t be alone in pondering that Ether will flip Bitcoin when it comes to worth. Final week, Galaxy Digital founder and CEO Mike Novogratz additionally predicted that Ether may turn out to be the “biggest cryptocurrency one day.”