Bitcoin Solidifies Lead Over Ethereum in 2023 — Dominates in Market Cap, NFT Sales, and Fee Generation
In the past year, the leading cryptocurrency, bitcoin, has eclipsed ethereum in multiple key areas. From the beginning of the year to date, the value of ether has diminished by 27.65% relative to bitcoin’s price, falling from 0.073 ether to its current level of 0.052 ether.
Bitcoin Reigns Supreme in 2023, Outpacing Ethereum in Several Metrics
Undoubtedly, the top crypto asset by market capitalization has surpassed the second-ranked digital currency across multiple indicators. As of December 2022’s close, BTC held a market dominance of 40.1%, while ETH’s share stood at 18.4%, per archived data from coinmarketcap.com. Currently, BTC’s market share has surged to 51.5% of the total crypto market value, whereas ETH’s has slightly declined to 16.6%.
Over the previous year, ethereum’s comparative value to bitcoin has diminished. It traded at 0.073 ETH per BTC in December 2022, but as of Dec. 23, 2023, it’s reduced to 0.052 ether — a drop of 27.65%. Currently, bitcoin‘s market capitalization towers at $856 billion compared to ethereum’s $275 billion, making BTC’s market valuation roughly 3.11 times that of ETH.
Recent data from cryptoslam.io reveals that BTC-centric non-fungible token (NFT) sales have eclipsed those of ETH. Bitcoin overtook Ethereum in this domain in November 2023, maintaining its lead in the subsequent 30 days. Over this period of 30 days, Bitcoin-based NFT sales hit $761,951,324, while Ethereum’s amounted to $387,167,225.
Moreover, Bitcoin continues to outperform Ethereum in fee generation. BTC miners have garnered $39,480,534 in fees from onchain transactions in the last 24 hours alone, significantly more than the $551,880 collected by ETH validators. Bitcoin also consistently exceeds ether in daily global trading volume, with BTC transactions totaling $13.94 billion and ETH’s reaching around $9.58 billion in the same timeframe.
While ether advocates continue to anticipate the ‘Flippening’ — a hypothetical overtaking of bitcoin — the prevailing data paints a different picture. Despite aspirations, the hard statistics underscore bitcoin’s enduring dominance, with its market cap and trade volumes vastly outstripping ethereum’s. Current trends and metrics indicate that the much-speculated ‘Flippening’ remains a distant prospect, unlikely to materialize in the near future.
What do you think about bitcoin’s market performance this year compared to ethereum’s? Share your thoughts and opinions about this subject in the comments section below.
