{"id":291731,"date":"2021-07-06T11:17:10","date_gmt":"2021-07-06T08:17:10","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ether-already-flippening-bitcoin-says-celsius-ceo\/"},"modified":"2021-07-06T11:17:10","modified_gmt":"2021-07-06T08:17:10","slug":"ether-already-flippening-bitcoin-says-celsius-ceo","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ether-already-flippening-bitcoin-says-celsius-ceo\/","title":{"rendered":"# Ether already \u2018flippening\u2019 Bitcoin, says Celsius CEO"},"content":{"rendered":"

“# Ether already \u2018flippening\u2019 Bitcoin, says Celsius CEO <\/strong>”<\/p>\n

Bitcoin (BTC), the largest cryptocurrency by market capitalization, has already started losing its market dominance to Ether (ETH), according to Celsius Network CEO Alex Mashinsky.<\/p>\n

In a Monday interview with Kitco News<\/a>, Mashinsky argued<\/a> that the Ether \u201cflippening,\u201d or the hypothetical scenario in which Ether overtakes Bitcoin as the world\u2019s most valued cryptocurrency, is already happ<\/a>ening right now.<\/p>\n

Mashinsky said that the flippening has already happened on Celsius. \u201cWe manage about $17 billion in deposits, or in customer coins, and the number one coin held in dollar terms is Ethereum,\u201d he said.<\/p>\n

Mashinsky also predicted that Ether will completely surpass Bitcoin in terms of market cap by 2022 or 2023:<\/p>\n

\u201cThe flippening already happened. Ethereum already surpassed Bitcoin in dollar terms as the total holdings of the Celsius community, and I think that the broader market will follow it in the next year or two. We will see that flippening happening also in the broader market.\u201d<\/p><\/blockquote>\n

Mashinsky went on to suggest that the main trigger for the upcoming flippening would be the difference between the key use cases of Bitcoin and Ether. According to the CEO, Bitcoin\u2019s primary use case is the store of value, while Ether\u2019s major use case is yield farming\u00a0or the practice of staking or locking up crypto in return for rewards.<\/p>\n

\u201cYield is an application that just has a broader user base. So I think over time you will see a broader adoption of Ethereum than of Bitcoin. But obviously both of them are exceptional applications and exceptional blockchains, and we will see a broad adoption of both, it\u2019s just that one will exceed the other,\u201d Mashinsky stated.<\/p>\n

Launched in 2018, the Celsius Network is a decentralized lending and borrowing platform, allowing users to earn rewards by transferring their coins to the Celsius wallet and borrow dollars or stablecoins against their crypto collateral. The platform operates its own CEL token that is an ERC-20 coin running on the Ethereum network.<\/p>\n

Related: <\/em><\/strong>Bitcoin\u2019s active addresses fall below Ethereum\u2019s after 60% drop in six weeks<\/em><\/strong><\/p>\n

Bitcoin has emerged as the world\u2019s oldest digital currency and the most valued cryptocurrency, dominating altcoins like Ether in terms of the market cap. Ether, the second-largest cryptocurrency by market cap, was launched in 2015 and has yet to overtake Bitcoin in terms of market value.<\/p>\n

At the time of writing, Bitcoin\u2019s share of the crypto market \u2014 also referred to as Bitcoin dominance \u2014 is\u00a044.6%, while Ether\u2019s stands at 18.5%, according to data<\/a> from CoinMarketCap.<\/p>\n

All-time Bitcoin dominance chart. Source: CoinMarketCap<\/em><\/figcaption><\/figure>\n

Mashinsky is not alone in thinking that Ether will flip Bitcoin in terms of value. Last week, Galaxy Digital founder and CEO Mike Novogratz also predicted that Ether could become the \u201cbiggest cryptocurrency one day.\u201d<\/p>\n