Alex Mashinsky, the CEO at Celsius Network, states that Ethereum (ETH) ‘Flippening’ over Bitcoin (BTC) is occurring in regard to the dollar. He discussed it while responding to the questions asked by David Lin, the Kitco News presenter, as he expressed that bitcoin has already been beaten by Ethereum concerning the dollar as shown in the sum of the Celsius community’s holdings. He further mentioned that, according to his perception, the market would confirm this scenario at a broader level in the coming one or a couple of years.
Celsius users and their influence on the network
It was revealed by Mashinsky that he takes the figures of Celsius and the everyday views of its community while making predictions about the market. He added that he calculates his prediction according to the dollar holdings of a million of the people on the network, gauging whether they possess more in Ethereum or Bitcoin. Moreover, he proposed that Ethereum has surpassed Bitcoin during the recent one or a couple of months. He explained that the members of the firm did not have such a huge Ethereum quantity as ‘$17B’ (in terms of deposits) more than Bitcoin as it is being noticed currently.
It was told by Mashinsky that the utilization of Bitcoin (BTC) is now limited to the stock of value. However, Ethereum (ETH) is utilized mostly for the yield, in his view.
Ethereum to be adopted broadly in the coming days
Celsius’ CEO opines that the market will see a large level of acceptance of Ethereum as compared to Bitcoin. Furthermore, the views both of the currencies to be the unique blockchains and applications capable of being adopted by a significantly high number of people, without having a competition with the currencies.
Mashinsky commonly considers that the issues in ETH have been tackled by the layer two solutions, yet both the previous solutions will be further improved by ETH 2.0 and will work in harmony. On the weekend, he mentioned, Ethereum crossed the barrier of $2,300 for the first time after the middle of June. He believes that Ethereum’s overshadowing of Bitcoin figures out that the prominent position of BTC is going out of its hands.
Nonetheless, even now, BTC is spread over 44.85% of the market by dominating all the other currencies while ETH has only got 18.3% of the market yet, as shown by CoinMarketCap.com.