• The number of ETH long-term holders surpassed BTC by more than 40 million.
• Bitcoin’s inability to offer a plethora of use cases contributed to the switch.

As the top two most valuable cryptocurrencies, Bitcoin [BTC] and Ethereum [ETH] have not had to deal with any strong competition to yank them off the standings. However, there has been a change in the way market participants view both assets.

Realistic or not, here’s ETH’s market cap in BTC terms

Bitcoin, being the foremost cryptocurrency, was the asset with the most long-term holders at one point. However, according to a recent infographic by IntoTheBlock, Ethereum has flipped the king coin with an over 40 million difference.

IntoTheBlock noted that Ethereum has 73.9 million long-term holders. Bitcoin, on the other hand, has 33.6 million HODLers. Although both cryptocurrencies registered increases in the metric on a Year-on-Year (YoY) basis, Ethereum led again with a 44.2% increase.

But how has this occurred? Well, there are a number of reasons for the change. And the top of the list has to be the fundamentals, use cases, and developmental trajectories of both projects.

BTC stays true to the core, ETH evolves

For Bitcoin, it has maintained its position as a peer-to-peer payment network and store of value for its holders. However, Ethereum has continued to evolve since Vitalik Buterin’s 2013 whitepaper. At that time, the Ethereum c0-founder only explained the blockchain as a model of

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Author: Victor Olanrewaju

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