Bitcoin will lose 50 per cent of its cryptocurrency market share to ethereum within five years, according to Thomas Crown Art co-founder Ian Mcloed.

The comments were made as ethereum, the world’s second-largest cryptocurrency by market cap, began a price recovery on Friday after being hit heavily with a major sell-off in recent weeks.

Bitcoin was also experiencing a decline but, as the largest cryptocurrency, was able to bounce back quicker than its competitor. Overall, ethereum had crashed 85 per cent this year.

Despite this, late last week the virtual currency rocketed by almost 14 per cent, only to find itself trading again 10 per cent lower once more in the past 24 hours.

Mcloed commented: “Turbulence is a regular, and sometimes welcome, feature of the crypto sector. Therefore, the Ethereum rebound was, and is, inevitable. But not only do we think it will rebound considerably before the end of 2018, I believe that over the longer time it will significantly dent Bitcoin’s dominance.

“In fact, I think we can expect Bitcoin to lose 50 per cent of its cryptocurrency market share to Ethereum, its nearest rival, within five years.”

Mcloed is so confident of this because, in his opinion, ethereum offers more uses and solutions than Bitcoin and is supported with “superior blockchain technology”.

He concluded that “ethereum is already light years ahead of bitcoin in everything but price”, and this will continue to be the trend unless bitcoin “does more now to tackle scalability issues”.

“Whilst there will continue to be peaks and troughs in the wider cryptocurrency market, due to its inherent strong core values, Ethereum will steadily increase in value in the next few years and beyond.”

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