Ethereum (ETH) is the 'digital oil' and will eventually flip Bitcoin (BTC)

IconCryptoNewsTerminal Staff23 Aug, 2024

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Ethereum (ETH) is the 'digital oil' and will eventually flip Bitcoin (BTC)

Crypto investor and 1confirmation founder Nick Tomaino has stated that "Ethereum (ETH) is the digital oil. Will eventually flip BTC". He went on to explain that "BTC has a clear narrative, being the 'digital gold' with a lot of institutions now buying it. Ethereum on the other hand has been the most impactful blockchain over the last 5 years, but does not have the same level of awareness as BTC. The most talented developers in the world are building the decentralized internet on Ethereum and ETH is the digital oil that makes it all go." Tomaino's comments come as Ethereum has been gaining ground on Bitcoin in terms of market capitalization. In January 2023, Ethereum's market cap was about 40% of Bitcoin's. By March 2023, that number had grown to over 50%. If Ethereum continues to gain market share, it is possible that it could eventually flip Bitcoin as the world's leading cryptocurrency.

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