Ethereum Poised to Surpass Bitcoin in Market Capitalisation Within Five Years, Says Expert

Ethereum is set to eventually overtake the leading cryptocurrency in terms of market capitalisation within the next five years, according to Nick Tomaino, founder of 1confirmation.

1confirmation Q2 2024 LP letter pic.twitter.com/7aysi4xCYL

— Nick Tomaino (@NTmoney) August 23, 2024

He noted that Bitcoin’s current capitalisation stands at approximately $1.2 trillion, which is about four times that of the second cryptocurrency, valued at $321 billion.

“I believe both [assets] will continue to grow, but ETH will eventually surpass BTC. The reason is simple. Bitcoin has a straightforward narrative (digital gold) that institutions are already involved in. Ethereum has been the most influential blockchain in the industry over the past five years, yet it remains not fully understood,” Tomaino wrote.

According to the expert, Ethereum enables the world’s most talented developers to build a decentralised internet, powered by digital oil in the form of ETH. It is a scarce, income-generating, and useful asset.

“And since its market capitalisation is currently significantly lower than Bitcoin’s, Wall Street can acquire a larger amount of [ETH]. They will do so and will aggressively promote ETH to the world in the coming years,” added the founder of 1confirmation.

In December 2023, Andre Dragos, head of research at ETC Group, stated that Ethereum could outpace Bitcoin in price growth in 2024.

In his view, the fundamental basis for this will be technological advancements and Ethereum’s unwavering position as the leading smart contract platform.

In August 2024, the issuance volume of the second-largest cryptocurrency by capitalisation reached 120.28 million ETH.