The top dogs of the cryptocurrency market are undeniably Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH). There are certainly strong arguments to be made about many smaller digital currencies, especially those that excel in areas where Bitcoin and Ethereum do not at the moment.
However, with a combined market cap of more than $1.4 trillion, the two largest denominations command more than half of the total crypto-market’s $2.4 billion valuation. Put another way, stack all of the market’s other cryptocurrencies together and they’re not as big as the Bitcoin-Ethereum combo.
With this strong history of appreciation, it’s easy to see why volatility-tolerant investors of the two largest cryptocurrencies are eyeing the next big major milestones. Based on Monday morning’s pricing, Bitcoin would have to appreciate by 95% to hit $100,000. Ethereum is a 144% surge away from $10,000.
Bitcoin is closer to its next-round milestone, but it doesn’t mean that it will get there first. Let’s size up the playing field to see which meaty milestone will likely be crossed first.
Image source: Getty Images.
In defense of Bitcoin
The knocks on Bitcoin, relative to many of the market’s other denominations, are pretty well established. It’s been slow to evolve its blockchain technology, leaving Bitcoin largely as a store of value beyond settling up on transactions where it’s accepted. The recent taproot update hopes to change that, giving it the flexibility to make a push into decentralized finance, in general, and smart contracts, in particular — an area where Ethereum is dominant and many smaller and nimbler denominations are making a lot of noise.
Bitcoin’s biggest selling point is that it’s the industry standard when it comes to crypto. A lot of non-crypto investors may not even realize that there are literally thousands and viably hundreds of alternatives to Bitcoin. A lot of forward-thinking and colorful CEOs, including Elon Musk, Jack…
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