Celsius Network head: Ethereum has already begun to overtake bitcoin

July 8, 2021

Celsius Network head: Ethereum has already begun to overtake bitcoin

The second most capitalised cryptocurrency has already begun to overtake digital gold, Celsius Network cryptocurrency lending service head Alex Mashinsky told Kitco in a commentary.

    "We manage around $17bn in customer deposits and the number one coin in dollar terms is Ethereum," he said.

According to Maszynski, the assets will switch places in the capitalisation rankings by 2022 or 2023.

   "Ethereum has already surpassed bitcoin in dollar terms in terms of total Celsius community assets. I think the broader market will follow in the next year or two," the service head added.

Maszynski suggested that the main trigger for Ethereum's impending dominance will be the difference between the key uses of digital assets.

According to him, bitcoin is mainly used as a means of saving, while the second most capitalised cryptocurrency is used for profitable farming.

Earlier, Celsius Network announced an investment of more than $200 million in digital gold mining in North America.

Recall that at the end of June, Maszynski predicted the bitcoin price to rise to $160,000.

For now, paper wallets are one of the best Ethereum wallets for long-term storage. When properly created, they are totally offline and impossible for hackers to access. The high level of security Ethereum offline wallets offers to make them great for storing large amounts of cryptocurrency for a long time.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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