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

In terms of current market capitalization, ethereum is still a long way from bitcoin, with the former having a market cap of about $550 billion and the latter about $1.23 trillion. However, Rai, co-head of BlockTower Capital's market-neutral division, doesn't think that will last for long.

"I think there's a good chance that ethereum market cap will overtake bitcoin, and I wouldn't be surprised if that happens in this cycle." He said, "It's hard to predict when this cycle will end, and my view is the middle of next year."

The announcement comes after Chicagoland Exchange (CME), the world's largest derivatives exchange, announced it will expand its crypto derivatives offering by launching micro Ether futures in early December, which are currently awaiting regulatory review.