Bitcoin might be the first cryptocurrency but it is now having compete with rivals like Ripple and ethereum which are building on the underlying blockchain technology, making them more useful that bitcoin.

And etheruem’s co-founder has warned that the battle with bitcoin will only intensify in the future. 

Speaking to CNBC, Steven Nerayoff said: “There are some other platforms and other protocols that are out there and plus bitcoin itself is having another platform that will be coming on it which is called Rootstock and that could offer some competition too.”

Unlike bitcoin, ethereum allows developers to build applications on its network and replace internet third parties that keep track of financial settlements. 

The majority of initial coin offerings and other trading games are based on ethereum.

But a new platform which is connected to bitcoin’s blockchain, called Rootstock, could be a threat to ethereum’s mission. 

Rootstock uses the bitcoin blockchain as a platform for smart contracts, allowing users to send Bitcoin through its own network instead of through third parties, which strengthens bitcoin’s case to be adapted by mainstream financial institutions. 

Nerayoff compared the fight between ethereum and bitcoin to Apple and IBM in the 1970s.

He said: “So I would think that it’s kind of similar to the days where Apple in the 70s had the gargantuan market share, and then IBM came in and started competition.

“So we haven’t hit that moment yet but there is some competition coming.”

Ethereum's particular blockchain technology means that the currency is more naturally resilient to cyberattacks.

Bitcoin gained 1.79 percent to $15,238.94 at 8:50am, in London, after hitting a high of $17,005 on Saturday, according to CoinDesk.

Ethereum rose 8.94 percent to a record high of $1,252.35 at 8:51 am in London.