According to a business analyst and technology expert, Bitcoin is to lose half of its cryptocurrency market share to Ethereum within the next five years.
Despite Ethereum crashing by 85% this year, it regained ground last week, jumping almost 14% after its most recent plunge and found itself trading 10% lower.
“Turbulence is a regular and sometimes a welcome feature of the crypto sector. Therefore, the Ethereum rebound was, and is, inevitable”, comments Ian Mcloed, Thomas Crown Art.
According to Mcloed, Ethereum offers more solutions than Bitcoin because of being backed with “superior” blockchain technology.
“Not only do I think it will rebound considerably before the end of 2018, but I also believe that over a long time it will significantly dent Bitcoin’s dominance. In fact, I think we can expect Bitcoin to lose 50% of its cryptocurrency market share to Ethereum, its nearest rival, within five years,” Mcloed continues.
He also believes Ethereum solves “authenticity and provenance issues – which is essential in the world of art”.
Written by Leah Alger