Ether continues to hit record highs, market cap may be expected to surpass Bitcoin next year?

On Monday, ethereum continued to hit new all-time highs, up more than 3% on the day, with the coin at $4,717, while bitcoin rose to a two-week high at $65,304, up about 5% on the day.

Money has been pouring into the cryptocurrency as investors are excited about the launch of a bitcoin futures ETF (NYSE:BITO) in the U.S. last month. Bitcoin is up about 50% and ethereum is up about 57% since October.

Rahul Rai, a crypto hedge fund manager, boldly asserted that by mid-2022, ethereum will surpass bitcoin in market capitalization, which is what the market calls "the flippening. He told the media that Ether has the potential to "power the global financial channel" through the use of DeFi.