Roger Ver, a very early bitcoin adopter and now a strong supporter of bitcoin cash, stated that ethereum is “much more likely than not” to overtake bitcoin.
“If you look at it, ethereum only has to double in price one more time in order to surpass bitcoin’s market cap,” Roger Ver said before further adding:
“Ethereum was around $100 dollars maybe a year ago and now it’s at $800. So it went up 8x last year. I think another doubling for ethereum… all the innovation and stuff that is happening.”
Ethereum’s price was actually at around $15 a year ago before it begun a bull run for much of spring to a high of around $420, followed by a bearish summer and then a bullish autumn.
In a wide-ranging interview Roger Ver further said bitcoin had already lost the top spot to ethereum in a number of metrics. He said:
“For example in terms of the number of transactions per day, ethereum is already processing far more transactions per day then Bitcoin Core. On some days altcoins have also surpassed Bitcoin Core in term of the volume on the exchanges that are being traded.
So by a number of metrics Bitcoin Core is no longer the top cryptocurrency, but when it loses that top spot in overall market cap I think it will be a real wake up call for people around the world.”
The interviewer then asked: “it is likely then ethereum is going to overtake Bitcoin Core in terms of market cap this year?” With Roger Ver stating: “Yeah, I think it is much more likely than not.”
This prediction has been made by many, including the Silicon Valley VC Fred Wilson who stated back in May last year ethereum will bypass bitcoin in market cap.
Bitcoin however has shown considerable resilience and the gap between the two has slightly increased recently to $110 billion with ethereum standing at $85 billion while bitcoin is at $193 billion.
Ethereum, therefore, has quite some way to go to take the top market spot, but in term of other metrics, including innovation, developers, transactions and so on, it arguably already has.