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Ethereum Loses its Lead in Crypto-space; Vitalik Buterin Admits


Vitalik Buterin, ethereum co-founder has admitted that Ethereum is losing its lead in the cryptocurrency space. According to the reports, Vitalik said, losing a chunk of market share was “inevitable and unavoidable” for both the crypto projects. He highlighted that many cryptocurrencies in the space are taking various unique approaches to reach the same target as that of ethereum, making ethereum less popular than before.

He told sources,

“It [Ethereum] has lost some of its lead to some extent. It’s kind of inevitable and unavoidable. Ethereum really was the first general purpose smart contract thing. Bitcoin was, for example, the first cryptocurrency and originally, it had 100 percent of the market share. Then, it went to 90 and now it’s at 55.”

The first generation cryptocurrency bitcoin gained lead over other crypto projects naturally and it continues to be in the lead position. The rise of competing projects, starting with Litecoin, Ripple’s XRP, ethereum, Dash, and Bitcoin Cash decreased the demand for bitcoin.

Vitalik explained, “I definitely really want and wish and hope that the ethereum community can find a way to interact with other crypto projects that are emerging that are not ethereum maximalist in general including all the horrible ways and connotations that words has.”

Losing market share doesn’t really mean that bitcoin is plunging. The cryptocurrency market capitalization, on a whole, was $1.59 billion on April 23, 2013. And currently, its valuation is well above $141 billion. Likewise, Bitcoin’s market capitalization on April 28, 2013, was $1.50 billion and currently, it has surged to $71.95 billion.

The market now has more crypto projects than before. Traders have more choice and options to spread their portfolio and distribute their risks across multiple crypto-assets. Also, crypto market is full of traders. Last December University of Cambridge published a study report, the number of cryptocurrency users doubled in the first three quarters of 2018.

Buterin explained that it was a win-win situation for everybody in the crypto space, and he wish to see an environment where unique approaches to things can find a place in the market and be successful. Ethereum can win as well as other projects can win too.