Bitcoin is by far the largest crypto asset in terms of market capitalization since its launch in 2009. With tens of thousands of other cryptocurrencies already in existence over the years, will any Can any of them become bigger than Bitcoin in terms of market capitalization?
Managing Partner of A&C Advisors LLC, Daniel Strachman, with decades of experience in the financial industry, said:
“The second half of the crypto game is passing and right now it looks like BTC will stay on top, however, just like the Red Sox has collapsed this year, everything is unpredictable. It depends on the market reaction and investor interest. There is a lot of talk about Eth surpassing BTC and it is a reality but there is still half a half to determine the outcome.”
The crypto industry has seen many market cycles, getting bigger and bigger with each cycle. Almost all of the crypto assets in the top 100 on CoinMarketCap have a valuation of more than $1 billion – a sign of the growth and importance of the crypto industry.
Technology has evolved significantly since the birth of Bitcoin over a decade ago. Discussions and comments regarding “flippening” — industry jargon for another cryptocurrency that has surpassed BTC in terms of market capitalization — have emerged from time to time. What could cause another crypto asset to overtake Bitcoin in terms of market capitalization?
“Market utility and investor acceptance and interest is what will drive a crypto asset or possibly two over BTC,” Strachman said.
Bitcoin has become prominent in the eyes of the traditional world. The asset has a fixed and relatively scarce supply, as well as a loyal fanbase in the crypto industry, especially “Bitcoin maximalists” – which essentially consider BTC to be the currency. Only electronics will be successful in the long run.
When asked about the possibility of a BTC flippening and the significance of such an event, Strachman asserted:
“Cryptocurrency was born to last. It won't disappear. If a crypto asset surpasses BTC it is due to market power in both investor interest and market utility. If you look at the top five companies by market capitalization in 1980—Exxon, GM, Mobil Ford, Texaco, and today Apple, Microsoft, Google, Saudi Aramco, Amazon—things have changed dramatically and that's okay because that's how the global market works."
The possibility of flippening remains elusive, although discussions over the past few years have highlighted Ethereum as a potential competitor.
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