While Bitcoin continues to remain the â€œblue chipâ€� of cryptocurrencies, 2020 has seen Ethereum trail in second place, as well as the rise in popularity of altcoins built on Ethereum, said Hong Fang, CEO of OKCoin.
â€œ2020, in addition to Bitcoin which takes the dominance in the market, about 73% of the volume, Ethereum definitely comes next. Ethereum is basically a protocol that allows smart contracts, so that a lot of applications can be built on top of it,â€� Fang said.
Some analysts have speculated that Ethereumâ€™s superior technology will one day lead it to surpass Bitcoin in market value, Fang said that this analysis does not tell the complete story.
â€œI would disagree, but not [with] the fact that Ethereum has inferior technology than Bitcoin. I think those two are built for very different use cases. They are also in very different stages of development in their life cycle. Bitcoin was built as a store of value,â€� Fang said. â€œEthereum, on the other hand, is built to allow smart contracts, in that people can actually build apps on top of it to really build internet use cases in the crypto world.â€�
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