Ben Armstrong, a popular crypto investor and YouTuber, has recently stressed the necessity of holding three top Bitcoin (BTC) alternatives, including Ethereum (ETH), Ripple’s XRP, and Cardano (ADA).
In a tweet on the 4th of August 2022, the founder of BitBoyCrypto.com stated that it’s becoming certain that Bitcoin dominance in the crypto market will forever remain below 50%.
He added that those who are not currently holding the aforementioned digital currencies in their portfolios are employing the wrong investment strategy.
Ben Armstrong tweeted, “Bitcoin dominance is never going above 50% again. What a time to be alive! If you don’t own $ETH, $XRP, & $ADA in your portfolios you are doing it wrong.”
Bitcoin dominance is never going above 50% again. What a time to be alive!
— Ben Armstrong (@Bitboy_Crypto) August 4, 2022
Bitcoin (BTC) Losing Its Dominance in the Crypto Market
Bitcoin (BTC), the first and largest cryptocurrency by market capitalization, is currently losing its market dominance to other top digital currencies, especially Ethereum (ETH).
According to CoinMarketCap, Bitcoin’s market dominance currently stands at 40.6%, while that of Ethereum (ETH), the second-largest cryptocurrency, is at 18.8%. This data shows that the largest smart contract platform is massively gaining while Bitcoin is losing its grip at the top.
The possibility of Ethereum flippening Bitcoin in the future has been a subject of discussion in the crypto ecosystem in recent years. And with the rate at the Bitcoin loses its dominance over the market, what seemed impossible a couple of years ago may happen eventually.
It’s worth noting that the Ethereum blockchain is on the cusp of transitioning to a proof-of-stake (PoS) consensus algorithm and people think this will give the smart contract platform an edge over the flagship crypto Bitcoin.
Aside from Ethereum (ETH), other cryptocurrencies such as Ripple’s XRP, Cardano (ADA), and Binance Coin (BNB), are also proving strong in terms of price performance and development.
So, as the crypto ecosystem advances in terms of developments, things may change in the future, but not in favor of the king of cryptos. Does it mean Bitcoin (BTC) needs an upgrade like other chains? Time will tell.