Ethereum’s market share has risen to an all-time high of 32% following an astonishing price rise today to a high of $420 which gave it a market cap of nearly $4o billion.
Ethereum now stands just 8% away from being the most dominant digital currency and platform, overtaking bitcoin, in what would be an historical moment for this space and potentially the wider world.
The currency has experienced a spring the likes of which have never been seen before. Rising from a market cap of one billion to now stand at around $37 billion.
While the platform has found backing from nearly all household brands, including governments, as it seemingly becomes the standard for private blockchains, probably because it has a public blockchain which may provide it with greater security and interoperability.
Bitcoin’s market share, on the other hand, is now within touching distance of falling below 40%, after plunging this year from a near dominance of 95%.
Its price further fell some 6% at the time of writing as bitcoiners continue to bicker over a simple parameter which affects its capacity and functionality.
Their inability to reach any sort of decision has sent bitcoin’s fees to an average of around $5.50, with many of its transactions remaining stuck for hours, days or longer as the backlog no longer clears.
For those reasons and because of ethereum’s breakthrough smart contracts invention, many think it will become the leading digital currency, with its market cap reaching a new high at 81% of bitcoin’s market cap.
The platform has grabbed the hearts of many bitcoiners, who after trying and failing for two years to persuade developers and miners to increase capacity, have seemingly opted for exit to ethereum.
The main reason is probably because ethereum has a clear roadmap for as good as unlimited on-chain scalability through sharding, a protocol upgrade that will likely be the biggest since bitcoin launched in 2009.