Ethereum Could Be the Number One Crypto, Says Kevin O’Leary

· 17 Jul 2018 in Crypto News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

An important question in the crypto market is whether there will ever be a virtual currency that would replace Bitcoin in the future. The Canadian businessman, Kevin O’Leary, said that Bitcoin could lose its top position as the most important virtual currency and leave the place to Ethereum (ETH).

Ethereum or Bitcoin?

TV show Shark Tank’s O’Leary said during CNBC’s ‘Fast Money’ that Bitcoin has totally changed over the last 60 days. At the same time, he stated that Bitcoin is a ‘Pioneer with arrows in it’s back.’ 

The famous figure believes that the famous virtual currency has left the way ready for another virtual currency (in this case Ethereum) to take over it. Moreover, he added that he would be worried if he would have invested in Bitcoin.

Mr. O’Leary stated:

“The regulators aren’t on board yet, and we have to wait until that happens because at the end of the day you need to know if it is transparent, compliant, and the regulators are on board and then you’ll see real money.”

Since the beginning of the year most of the virtual currencies are operating negatively. Most of them, with the exception of Bitcoin – which did it in December 2017 – reached new all time highs in January. After it, they entered a bear market from which it was not possible to recover, not even today, 7 months later.

Bitcoin is now being traded around $6,770 dollars, according to CoinMarketCap. And it has a market capitalization of $116 billion dollars. Ethereum, instead, is the second virtual currency in the market with a market capitalization of $47 billion dollars and a price of $472 per ETH.

At the beginning of the current year, Bitcoin (BTC) had almost a 44% dominance, and now has 42.7%. Ethereum, had around 12.5% market dominance in January and now it has 17.7%. But it is important to mark that even when there were so many ICOs and tokens created, Bitcoin was able to relatively maintain its position in the market compared to other cryptocurrencies.

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