Ethereum[ETH] to dominate over Bitcoin[BTC] within 5 years, predicts Weiss Ratings
Weiss Ratings, an independent research firm which gives analysis on markets, stocks, ETFs and even cryptocurrencies, came up with a bullish signal for Ethereum. According to Weiss Ratings, Bitcoin will lose over 50% of its market share to Ethereum within the next 5 years. Weiss Ratings made this prediction on Twitter.
The reason for this statement given by Weiss Research is the fact that Ethereum has a “superior blockchain technology” and provides with more use cases.
#Bitcoin will lose 50% of its #cryptocurrency market share to #ETH within 5 years, due to it offering more uses and being backed with superior #blockchain technology. We completely agree – unlike #BTC, which is a one-trick pony, the limit of ETH’s application is sky itself.
— Weiss Ratings (@WeissRatings) September 18, 2018
It is important to note that Weiss Ratings is talking about a long-term play here. Many investors believe that Ethereum will continue to lose value in the short term due to ICO sell-offs. Currently, Ethereum is trading at $207 with a 10% value of the overall cryptocurrency market cap while Bitcoin is trading at $6345 with a 55% value of the total cryptocurrency market. Also, there are 500,000+ active address for the Bitcoin network while Ethereum has somewhat closer to 300,000 (source).
According to Weiss Ratings, unless Bitcoin improves its scalability issue it will keep on loosing to Ethereum. The tweet from Weiss Ratings comes just one week after criticising Ethereum of “not working” and not having any practical applications.
For Joseph Lubin, a co-founder of #Ethereum, the price of digital currencies isn’t something he spends a lot of time worrying about. He’s more concerned with practical applications of the technology. And so should be everyone else. Too bad Etherum doesn’t work. #btc #bitcoin
— Weiss Ratings (@WeissRatings) September 12, 2018
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