Bitcoin Dominates Market Share and Value
The leading cryptocurrency, bitcoin, has established its supremacy over ethereum in various aspects. According to archived data from coinmarketcap.com, bitcoin held a market dominance of 40.1% at the end of 2022, while ethereum’s share was at 18.4%. Currently, bitcoin’s market share has surged to 51.5% of the total crypto market value, while ethereum’s has slightly declined to 16.6%.
Ethereum’s Declining Value Relative to Bitcoin
In the past year, ethereum’s value compared to bitcoin has decreased significantly. It went from trading at 0.073 ether per bitcoin in December 2022 to 0.052 ether as of December 23, 2023, representing a drop of 27.65%. Bitcoin’s market capitalization is now $856 billion, approximately 3.11 times that of ethereum’s $275 billion.
Bitcoin Dominates NFT Sales and Fee Generation
Bitcoin has also outpaced ethereum in non-fungible token (NFT) sales and fee generation. Recent data from cryptoslam.io reveals that Bitcoin-based NFT sales surpassed ethereum’s in November 2023 and maintained its lead for the following 30 days. Bitcoin NFT sales reached $761,951,324 during that period, compared to ethereum’s $387,167,225. Additionally, bitcoin miners generated $39,480,534 in fees from onchain transactions in the last 24 hours, whereas ethereum validators collected $551,880.
Bitcoin’s Superior Trading Volume
Bitcoin consistently surpasses ethereum in daily global trading volume. In the same timeframe, bitcoin transactions totaled $13.94 billion, while ethereum’s amounted to around $9.58 billion.
Bitcoin’s Enduring Dominance and Unlikely ‘Flippening’
Despite the anticipation of ethereum supporters for a potential ‘Flippening’ where ethereum overtakes bitcoin, current data and metrics highlight bitcoin’s continued dominance. Bitcoin’s market cap and trading volumes far exceed those of ethereum. Therefore, the speculated ‘Flippening’ is unlikely to happen in the near future.
Hot Take: Bitcoin Remains the Crown Jewel of Cryptocurrency
Bitcoin’s reign as the top cryptocurrency has been unrivaled, evidenced by its market share, value, NFT sales, fee generation, and trading volume. Despite ethereum’s aspirations, the data indicates that bitcoin’s dominance is here to stay. As the crypto landscape continues to evolve, bitcoin’s position as the crown jewel of the industry remains unchallenged.
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