According to Alex Mashinsky, CEO of Celsius Network, Bitcoin (BTC), the largest cryptocurrency by market capitalization, has begun to lose its dominant position in the market to ETH (ETH).

On Monday, in an interview with Kitco News, Mashinsky argued that an ether “reversal,” or a hypothetical scenario in which ether overtakes bitcoin as the world’s most valuable cryptocurrency, is already happening.

Mashinsky said that the coup actually occurred in °C. “We manage about $17 billion in deposits or coins for clients, and the largest dollar coin is Ethereum,” he said.

Mashinsky also predicted that Ether will completely outperform Bitcoin in market capitalization by 2022 or 2023:

“The rollover has already happened. Ethereum has already surpassed Bitcoin in dollars in total assets for the Celsius community, and I think the broader market will follow in the next year or two. We will see turmoil in the broader market as well.”
Mashinsky further suggested that the main driver of the upcoming reversal will be the difference between the major uses of Bitcoin and Ether. According to the CEO, Bitcoin’s primary use case is store value, while the most important use of Ether is to reuse, or practice putting or blocking the cryptocurrency in exchange for a reward.

“Revenue is only software that has a broader user base. So, I think over time, you will see more widespread adoption of Ethereum than Bitcoin. But obviously both are exceptional applications and blockchain is exceptional, and we will see widespread adoption of both, and one will not outperform the other.” Mashinsky said.

Launched in 2018, Celsius Network is a decentralized lending and lending platform that allows users to earn rewards by transferring their coins to their Celsius wallet and borrowing dollars or hoarding coins for crypto security. The platform uses its own CEL token, which is an ERC-20 coin that runs on the Ethereum network.

Related: Active Bitcoin Addresses Hit Ethereum After 60% Drop in Six Weeks

Bitcoin has become the world’s oldest digital currency and the most expensive cryptocurrency and dominates altcoins like ether by market cap. Ether, the second largest cryptocurrency by market capitalization, was launched in 2015 and has not surpassed the value of Bitcoin in the market.

According to CoinMarketCap, at the time of writing, the share of Bitcoin in the cryptocurrency market, also referred to as Bitcoin dominance, was 44.6% and Ether was 18.5%.

Bitcoin dominance chart ever. Source: CoinMarketCap
Mashinsky not only believes that ether will change bitcoin in value. As Mike Novogratz, founder and CEO of Galaxy Digital, predicted last week that Ether could become “the biggest cryptocurrency someday.”

Source: CoinTelegraph