Analysts have been increasingly pessimistic about the future of Bitcoin lately, with some predicting limited upside prospects for the leading cryptocurrency. Experts at venture capital firm 1confirmation have projected significant changes in the crypto industry over the next five years, highlighting that Ethereum could surpass Bitcoin in terms of market capitalization.

1confirmation’s bold statement is attributed to the approval of spot Bitcoin and Ethereum ETFs in the United States. Currently, all 12 Bitcoin ETFs manage assets worth over $788 billion, while Ethereum ETFs own around $88 billion in assets.

Ethereum's market capitalization, which currently stands at $321 billion, is expected to surpass Bitcoin's $1.2 trillion by 2029, the investment company predicts. Experts argue that it is hard to overstate the utility and effectiveness of Ethereum. Ethereum's leading role in decentralized applications and finance gives it a serious advantage over BTC, which is often referred to as "digital gold." In addition, Ethereum’s critical role in shaping the decentralized Internet makes it highly lucrative to major investors.

However, 1confirmation also believes that certain trending areas in the crypto sphere, such as meme coins and NFTs, are unlikely to see significant gains. The reason is that these tokens lack significant innovation. Instead, the crypto community may shift its focus to new assets that involve fresh concepts, the company concluded.