“The greater number of transactions in ether versus bitcoin reflects this dominance.”
Some analysts even predict that long-awaited upgrades to ether, which started at the beginning of last year and are being designed to help the crypto coin scale and reduce its sky-high transactions costs, could help the currency reach never-before-seen highs.
Kosala Hemachandra, the chief executive of MyEtherWallet, said: “Unlike bitcoin, ethereum is not just a value token, meaning it actually fuels all use cases built on top of the ETH blockchain.
“Bitcoin is simply a value token with no clear roadmap. Even with the price plunge, long-term development is unaffected and ethereum is will on its way to market dominance over bitcoin.”