Vitalik Buterin, co-founder of $ETH , acknowledged the dominance of $BTC in the crypto industry but expressed the opinion that its leadership may weaken due to the need for technological improvement. In his essay dated January 31, 2024, marking his 30th anniversary, Buterin noted that Bitcoin remains the main asset with a market capitalization of $1.6 trillion, significantly ahead of Ethereum ($178 billion).
However, he emphasized that the simplicity of the Bitcoin protocol, while a strong point, limits functionality compared to the flexibility of Ethereum, which supports DeFi and NFTs.
Buterin believes that without updating the technological base, Bitcoin may give way to altcoins that offer broader opportunities. At the same time, he acknowledged the resilience of Bitcoin, which holds about 50% of the market, despite the rise of altcoins in 2017 during the ICO boom. CryptoQuant analysts also point to a decline in activity on the Bitcoin network, which may indicate a shift in trends. Buterin urged the crypto industry to adapt by integrating decentralized AI to avoid stagnation. Stay tuned for news to stay informed! Subscribe to #MiningUpdates
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