Since Bitcoin was launched in 2009, Bitcoin has become the strong pioneer in crypto.
Its market cap overshadows the one of any other assets crypto. CryptoSlate financial figures reveal that Bitcoin has a $334 billion market capitalization, and Ethereum a $62 billion market capitalization.
However, the leading veteran of Wall Street who works in space recently reported that the years ahead could change. He said Ethereum could also overcome the market cap of BTC in the next 10 years.
Many Ethereum supporters think that BTC’s market capitalization would be overcome by cryptocurrency. The theory is that Ethereum’s multi-faceted existence can have more acceptance with the time, when the BTC has only one case of being a store of wealth and a medium of exchange. CEO of Real Vision and a Wall Street veteran, Raoul Pal has recently set his weight behind this concept.
Raoul Pal discussed on Twitter the importance of financial applications to build on the cryptocurrency stack for trillions and even quadrillions of dollars. Where Bitcoin takes the lead as a collateral asset, Pal finds Ethereum to be the layer on which transactions are settled, debt is issued, assets are tokenized. As reported by CryptoSlate previously, Chris Burniske commented that BTC and ETH will likely “race each other” to a trillion-dollar valuation in the coming years. He thinks that Ethereum’s budding DeFi economy will give it the fuel to gain relative value against BTC: “Meanwhile, to the mainstream $ETH will be the new kid on the block — expect a frenzy to go with that realization. Given $ETH’s outperformance of $BTC over its lifetime (chart below again), not to mention smaller network value and strong on-chain economies, I see every reason for $ETHBTC to surpass ATHs.”