Alex Mashinsky, CEO of crypto lending platform Celsius Network, believes that the scenario the crypto community referes to as “the flippening,” where Ethereum ETH/USD surpasses Bitcoin BTC/USD to become the leading cryptocurrency, is already taking place.
What Happened: In an interview with Kitco News, Mashinsky said that Ethereum has already overtaken Bitcoin based on the dollar value of holdings in Celsius’s network of over a million users.
“So, Ethereum just surpassed Bitcoin in the last month or two, the first time ever our million users have [Ethereum than Bitcoin]. We manage about $17 billion in deposits or customer coins, and the number one coin held in dollar terms is Ethereum," said Mashinsky.
Why It Matters: The Celsius CEO noted that while Ethereum already surpassed Bitcoin in dollar terms based on the total holding of the Celsius community, this trend might extend to the broader market in the next year or two.
“I take a look at the Celsius figures and listen to what the Hodler community at Celsius is telling me every day,” he said.
Last week, Mashinsky commented on how Tesla Inc TSLA CEO Elon Musk’s tweets adversely affected cryptocurrency prices, calling him “a tourist in the crypto space.”
Price Action: At press time, Bitcoin was trading at $34,237, down 0.24% over the past 24-hours.
Ethereum, the leading altcoin, was up by just 0.07% overnight, trading at $2,279 at the time of writing.
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