Bitcoin's Dominance Over Ethereum
In 2023, bitcoin has firmly established its position as the leading cryptocurrency, outperforming ethereum in several key areas. Over the course of the year, the value of ether has declined by 27.65% when compared to bitcoin's price. This decline has led to a decrease in ether's value from 0.073 ether to its current level of 0.052 ether.
Bitcoin's Market Dominance
Bitcoin has surpassed ethereum in terms of market dominance. At the close of December 2022, bitcoin held a market dominance of 40.1%, while ethereum's share stood at 18.4%. Currently, bitcoin's market share has surged to 51.5% of the total crypto market value, while ethereum's market share has slightly declined to 16.6%.
Furthermore, bitcoin's market capitalization is significantly higher than ethereum's. Bitcoin's market capitalization currently stands at $856 billion, compared to ethereum's $275 billion, making bitcoin's market valuation approximately 3.11 times that of ethereum.
Bitcoin's Superiority in NFT Sales and Fee Generation
Bitcoin has also outperformed ethereum in the non-fungible token (NFT) market. Recent data from cryptoslam.io shows that bitcoin-based NFT sales have surpassed ethereum's sales. In November 2023, bitcoin overtook ethereum in NFT sales and maintained its lead for the following 30 days. During this period, bitcoin-based NFT sales reached $761,951,324, while ethereum's sales amounted to $387,167,225.
In addition, bitcoin continues to generate higher fees compared to ethereum. BTC miners have collected $39,480,534 in fees from onchain transactions in the last 24 hours alone, which is significantly more than the $551,880 collected by ETH validators. Bitcoin also consistently surpasses ethereum in daily global trading volume, with BTC transactions totaling $13.94 billion and ETH transactions reaching approximately $9.58 billion in the same timeframe.
The Unlikelihood of the "Flippening"
Despite the hopes of ethereum advocates for the "Flippening" — the hypothetical overtaking of bitcoin by ethereum — the current data suggests otherwise. Bitcoin's enduring dominance, as reflected in its market cap and trade volumes, makes the much-speculated "Flippening" a distant prospect unlikely to materialize in the near future.
What are your thoughts on bitcoin's market performance compared to ethereum's this year? Share your opinions in the comments section below.
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