The Flippening a Real Possibility? Ether Nears 70% Bitcoin Market Cap
What many are dubbing the “Flippening”, meaning the change of the top dog cryptocurrency from bitcoin to ethereum, has many in both camps on edge. As ether nears close to the 70% market cap of bitcoin, many are now questioning if the change in top dog will come faster than expected. While some are calling eth a bubble, others are calling bitcoin old news and opinions on both sides are becoming quite heated.
Many from the bitcoin side of things are upset because they believe ethereum hasn’t earned its stripes so to say and that bitcoin isn’t performing much better. Much of this most likely has to do with the scaling debate and the mass influx of new money into the crypto space. I said this multiple times in the past, but for many people who feel like they missed out on crypto and see bitcoin’s price (despite the fact that you can buy parts of it), want to board a train that hasn’t taken off yet, so to speak. For many, the market cap means nothing and they just see the low price and jump on board.
Many people from the ethereum side of things believe that the influx of tokens, ICOs and companies that are choosing to build on the ethereum blockchain are rising the price and bringing people in. This is most likely true, but for many people who are long time ethereum holders and developers, they fear the rise too quick and that much of the price is based purely on speculation. However in my opinion, much of this entire market is based on mostly speculation and I wouldn’t be surprised if at some point there is a pullback in the future of everything.
So what are the chances of ethereum passing bitcoin as the number one market cap coin? I honestly think that it is a real possibility given the amount of people that we see flowing into the space and flowing into ethereum in particular. Like I stated before, with bitcoin’s perceived high price, many who come here see ethereum as an alternative. Not to mention that they see the scaling issues and infighting in the bitcoin community and shy away.
However, even if ethereum does pass bitcoin in market cap, it doesn’t mean that bitcoin will just go away. They are still going to be used for different things and go in different directions. Bitcoin is still the time tested store of value coin, while ethereum is probably riskier at this point in time and still developing. Who knows if the price rise that recently has happened is justified, but there is definitely much more money flowing into ethereum than bitcoin in the short run.
No matter what happens, money coming into the crypto space is good for everyone. Bitcoin and ethereum lovers alike should rejoice and despite who has the number one market cap, realize that it is beneficial for all of us. What do you think will happen in the future? Also if you are interested in checking out the stats of the so called flippening, here is a good site to look at the straight up data. (http://www.flippening.watch/)
I think both cryptocurrencies complement each other. I see BTC as the gold of the crypto world and ETH as the fuel that many new crypto startups need to succeed.
that's my take too, they shouldn't even be compared, Eth could still have issues as more adapt, Vitalik has even acknowledged his group is focusing on making investors happy, more than raising the quality, I took some profits, but will wait now and hold mostly BC.
I think Eth is much more ripe for a harsher pull-back, based on typical market action alone. Once that happens though, I think it's in a great spot for another huge run. You still need BTC to transfer into most everything, though!
agreed, it seems like if you even question eth, you're an eth hater, I'm happy I sold and will jump back in if there's more $$ to be made!!
I know what you mean. I think Eth looks to have amazing potential, but it's not the "reserve currency" of the crypto-currency realm at the moment. It's possible for it to overtake that throne, but I think it's going to need another bitcoin-style drop back to huge support at $200, $100, $50 even to load up for the next rocket.
ETH I feel will beat out Bitcoin here soon and the reason is the blockchain is just so much more capable then bitcoin. However bitcoin will still hold value since thats the "name brand" everyone associates with crypto currency.
It is not easy for ETH to beat bitcoin
this is very true, do you think ether will come to surpass bitcoin even interms of price?
Ether to $1,000 by the end of 2017.
This will be the catalyst for Bitcoin to $5000 and then some! @calaber24p
I think in my opinion Ethereum has the potential to top the crypto coin market cap chart as the number 1 currency especially as Bitcoins is facing its growing pains in block size and transaction fees.
I am all on 40% BTC ... 60% ETH ...
at the momant it seems like the ethereum bubble just popped, and bitcoin is soaring up again, but I believe there will be a flip if bitcoin won't have some "maintenence" done on their blocks...
One thing to bear in mind is that there are major changes to both networks in the near horizon. So don't put all your apples in one basket.
Btw, another website keeping track of the flipenning: https://rolandkofler.github.io/flipper/
As a holder of both tokens, I am happy with a symbiotic relationship. There is plenty of room for growth within the market and I see the two offering distinct value to the crypto space.
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Yes and it's 77% at this moment.
Maybe I did the mistake ... but I sold all my ETH hour ago. It was long ride ..
I sold too at close to 300., profit is good, I think we'll have chances to get back in, it does seem to me there's alot of eth moving into a small groups, holding huge blocks which could make it easier to manipulate.