Analyst: Bitcoin will lose 50% of market share to Ethereum by 2023

Bitcoin will give up half of its market share to Ethereum in the next five years, business analyst and co-founder of blockchain-based company Thomas Crown Art Ian Mcloed, has said.

This in spite of the big hits taken by both Bitcoin and Ethereum in recent weeks, with the latter falling 87 per cent so far this year.

He said: “Turbulence is a regular, and sometimes welcome, feature of the crypto sector. Therefore, the Ethereum rebound was, and is, inevitable. But not only do we think it will rebound considerably before the end of 2018, I believe that over the longer time it will significantly dent Bitcoin’s dominance.

“In fact, I think we can expect Bitcoin to lose 50 per cent of its cryptocurrency market share to Ethereum, its nearest rival, within five years.”

Today, Ethereum crashed back below $200 for the second time in a month, which amounts to around 10% of its value.

But Mcloed is confident that Ethereum is the superior cryptocurrency, and that it will win out against its biggest rival before the fight is over and crypto becomes the mainstream.

“Simply, Ethereum offers more uses and solutions than Bitcoin, and it’s backed with superior blockchain technology,” Mcloed continued. “Whilst there will continue to be peaks and troughs in the wider cryptocurrency market, due to its inherent strong core values, Ethereum will steadily increase in value in the next few years and beyond.

“Unless Bitcoin does more now to tackle scalability issues, and improves the technology it runs on, we cannot see how it can catch up with Ethereum over the next five years or so, when the crypto market will be even more mainstream.”