Bitcoin’s market share now stands at 44%, up around 12% from its all time low of 32% on January the 14th with the currency continuing to gain on ethereum since then.
Ethereum’s market cap at $52 billion is now only a third of bitcoin’s market cap at around $150 billion, with the two in combination accounting for 2/3rd of the global cryptos market cap.
In absolute terms the gap between bitcoin and ethereum has more than doubled since February when it stood at $40 billion, now at around $100 billion.
With the ratio too halving from around 0.12 btc per eth to now just 0.06 as shown by one of the more interesting chart in this space:
We’re not great with technical analysis, but we’re sure some traders will be keeping an eye to see if we may get higher highs and higher lows, or, of course, the reverse.
There was a time when ethereum almost overtook bitcoin’s market cap, but bitcoin is older and therefore more know with everyone having some basic knowledge of it.
While ethereum is perhaps where bitcoin was in 2016. Still at stealth phase, with no one at Times Square having a clue of it, and with institutional investors not yet in the game.
The platform is surprisingly difficult to grasp initially, even for individuals fairly familiar with bitcoin. So most have probably only vaguely heard of it, if at all, and even then probably have no clue how it is any different than bitcoin.
They probably will soon enough, but bitcoin is also finally making some progress. The Lightning Network (LN) is out for developers. A wallet will probably come soon enough.
They can now finally talk about some simple apps, but they are playing catch-up because ethereum is at a completely different level in that area.
The two can of course be complementary and it is probable most bitcoiners have some eth and vice versa, but the two are also in a race of sorts and with LN seemingly being closer to launch than Raiden or Plasma etc., bitcoin might even be slightly ahead on scalability in the very short term.
In the medium and long term, ethereum is probably far ahead as they’re moving faster than expected on sharding, while bitcoin has not even begun conceptualizing their sharding, with their plan being perhaps to just increase the blocksize. A method that can only take you so far if we consider real mainstream usage.