Kevin O’Leary Claims Ethereum Trumps Bitcoin
Many often question Bitcoin’s success as the world’s number one digital currency and wonder if a coin will one day surpass Bitcoin and claim the top spot. Kevin O’Leary, an entrepreneur from Canada believes that Bitcoin will eventually be dethroned and allow Ethereum to climb to the top.
In an interview, Kevin O’Leary stated that Bitcoin has seen several changes in the last three months and claimed that Bitcoin was a pioneering innovation with many roadblocks in its path. The TV celebrity says that Bitcoin has already paved a path for its successor, referring to Ethereum, to move in and lead the industry as the highest ranked coin and expressed concerns regarding investments in the current leading currency, Bitcoin.
O’Leary then went on to say that crypto and financial regulators are not yet involved and that it’s just a matter of time until the proper authorities deem the coin stable, transparent and following all regulations place. As of 2018, almost all digital currencies have seen poor performances on the market. Many coins broke new records during the first month of this year except Bitcoin which reached its all-time high of $20K in 2017. After peaking at the new all-time highs in January, a bearish downhill trend has dominated the market and currencies are still struggling to climb after seven months.
Currently, BTC is valued at almost $6800 and a total market cap of $116B in total. Second, on the ladder, Ethereum, has a total market cap of almost $50B and trades at $472 per coin. In January, BTC’s market dominance composed of 44 percent with Ethereum responsible for almost 13 percent. Currently, Ethereum has climbed up to almost 18 percent in dominance and despite the sea of initial coin offerings and new currencies flooding the market, Bitcoin has held onto its spot.