Bitcoin strengthened its position as the leader over ETH in 2023 – Dominance in market capitalization, NFT volume, and fee generation

In the past year, the leading cryptocurrency, Bitcoin, has outperformed ETH in many key areas. From the beginning of the year until now, the value of ETH has decreased by 27.65% compared to Bitcoin, dropping from 0.073 ETH to the current 0.052 ETH.

Bitcoin has dominated in 2023, surpassing ETH in several metrics There is no doubt that the top cryptocurrency by market capitalization has surpassed the second-ranked digital asset in many metrics. As of the end of December 2022, BTC held a market dominance ratio of 40.1%, while ETH’s market share was at 18.4%, according to data from coinmarketcap.com. Currently, BTC’s market share has increased to 51.5% of the total cryptocurrency market value, while ETH has slightly decreased to 16.6%.

In the past year, the comparative value of ETH against Bitcoin has declined. It traded at 0.073 ETH per BTC in December 2022, but as of December 23, 2023, it has dropped to 0.052 ETH, a decrease of 27.65%. Currently, Bitcoin’s market capitalization stands at $856 billion compared to ETH’s $275 billion, making BTC’s market value approximately 3.11 times that of ETH.

Recent data from cryptoslam.io reveals that NFT sales volume focused on BTC has overshadowed that of ETH. Bitcoin surpassed Ethereum in this area in November 2023 and maintained its leading position for the next 30 days. During this 30-day period, NFT sales volume based on Bitcoin reached $761,951,324, while Ethereum reached $387,167,225.

Furthermore, Bitcoin continues to outperform Ethereum in fee generation. BTC miners have earned $39,480,534 in fees from on-chain transactions in the last 24 hours, significantly more than the $551,880 earned by ETH validators. Bitcoin also consistently surpasses ETH in daily global transaction volume, with BTC transactions totaling $13.94 billion and ETH transactions reaching approximately $9.58 billion in the same period.

While ETH supporters continue to predict the “Flippening” – a hypothesis of surpassing Bitcoin – current data paints a different picture. Despite aspirations, the statistics strongly emphasize Bitcoin’s long-term dominance in market capitalization and transaction volume over ETH. Current trends and figures indicate that the “Flippening,” while speculated upon, remains a distant possibility that is unlikely to materialize in the near future.

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