Flippening Becomes More Likely As Eth Trade Volume Growth Exceeds Btc In First Half Of 2021

My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn’t yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can’t yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together. However, the bitcoin community has not yet found a solution, so ether is benefiting from the situation, he said.

Are neck-and-neck these days as the fifth- and sixth-most valuable cryptocurrencies on the market. Commanding market caps of roughly $68 billion apiece on Wednesday morning, they’re not aiming for the Bitcoin truck. Despite most of the key indicators pointing to increased utility and network effects, Bitcoin is still king in terms of valuation and dominance. However, the possibility of ETH trading BTC cannot be ruled out and a look at the on-chain data will help to understand the likelihood of the same happening. Intraday Data provided by FACTSET and subject to terms of use. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only.

What Happens To Bitcoin When It’s No Longer The Biggest Cryptocurrency?

My feeling is that BTC maintains a first mover advantage as well as relatively small and FINITE circulating supply. As ETH goes to Proof of Stake, ETH will grow its community further and outperform BTC in the near term. BTC will maintain its valuation advantage for the next few years. The price of Ethereum will be increased as supply being reduced, while the demand still getting higher and higher. With the continuous improvement in terms of scalability, it’s believe that it will realized more useful and effective transaction. It possibly will cause, the act of burning effectively removes tokens from the available supply, increasing its relative scarcity. And scarcity will definitely lead to increase in prize, reduction in inflation rate as well. I Strongly believe that EIP-1559 will be a major upgrade to the Ethereum Blockchain as it will make sure it will be competing directly with Bitcoin and maybe it could make the price surpass Bitcoin as well its adoption. A common argument for Bitcoin’s advantage over Ether is that it has a predictable, limited maximum supply of 21 million.

Albeit the underlying technology is quite spectacular a swell, it has taken a backseat to crowdfunding projects and speculation. On the other hand, people could argue these ICOs reduce the ETH supply in circulation by quite a bit. Then again, if that is the only objective, this bubble will not last much longer. Read more about Buy Bitcoin here. ETH/BTC trading pair reaches 0.177, the flippening will effectively take place.

The Flippening Requires Eth

The term Flippening was colloquially coined in 2017 and refers to the possibility of the market capitalization of Ethereum overtaking the market capitalization of Bitcoin . Therefore, the term describes the hypothetical moment in the future when Ethereum becomes the biggest cryptocurrency by market capitalization. Ethereum has always been eyed as the biggest competitor for Bitcoin, the world’s first and biggest cryptocurrency. In a recent statement, the co-head of market neutral at BlockTower Capital, a crypto and blockchain investment firm, Rahul Rai, claimed that Ether will dethrone Bitcoin in the years to come in terms of market capitalization. The London fork is an Ethereum blockchain upgrade set for Aug. 4. Ethereum, the second-largest cryptocurrency by total market capitalization, has been on a tear over the last 24 hours. The altcoin surged by nearly 8%, taking its weekly gains to a little over 10%. Bitcoin has long been, ever since blockchain and crypto became part of the financial markets conversation, the market leader, conversation starter, and dominant force by any metric. Either way, ethereum 2.0 promises to reduce the platform’s power consumption by 99.9%, making it far more sustainable.

It’s about time for the US government to regulate it and then we will be crushing China,” McGlone said during the first Bloomberg Crypto Research Event on Wednesday. As the second most valuable cryptocurrency, Ethereum’s trade volume grew faster than Bitcoin in the first six months of this year. Total ETH volume hit $1.4 trillion, up from $92 billion in the first half of 2020. In the case of BTC, it reached $2.1 trillion, up from $356 billion over the same period last year.

It may not be as exciting as facilitating dApps, but Bitcoin’s draw as safeguarding wealth cannot be over underestimated. Overall, the Polygon network is currently lagging behind Uniswap by one rank, with $5.78 billion TVL compared to Uniswap’s $7.13 billion. As far as investments go, this makes the network’s native token – MATIC – enter into the 100x investment range. Currently, Ethereum’s market cap as a percentage of Bitcoin’s market cap is just above half of the all-time highs that we saw in the middle of 2017. In June 2017, Ethereum’s market cap as a percentage of Bitcoin had risen above 83 percent, according to Buy Bitcoin Worldwide. Earlier this year, Bbitcoin prices rose above $60,000 for the first time. However, they soon plunged below $30,000 amid the crackdown in China.

In this space Ethereum has many competitors but honestly none of them have the network effect to be a threat at this point. People tend to pit BTC and ETH against each other just because they are two cryptocurrencies. Currently that target is 0 and reaching that ratio would indicate that the market sees both networks as being equal in value. Ethereum settles more value, that value is more secure, and people are willing to pay more for that value to be settled than Bitcoin. Ethereum settles more value, people are willing to pay more to settle that value, and Ethereum is more secure than Bitcoin . It’s how confident you can be that your transaction won’t be reverted once it’s verified on-chain. This is really important, especially for those aligned with Cypherpunk ideals! People want an economic system that is resistant to rollbacks, reversions, etc. He believes that this is one of the primary things to consider when evaluating any public blockchain. This is because settlement assurances directly translates to the security of a blockchain.

Intraday data delayed at least 15 minutes or per exchange requirements. A key upgrade to the Ether network, which includes a phased shift from a proof-of-work protocol to a proof-of-stake and increased storage capacity and processing power for smart contracts, is under way. Ethereum also serves as the backbone of a number of popular and groundbreaking platforms, including decentralized finance networks, or DeFi, nonfungible tokens, or NFTs, and DAOs, or decentralized autonomous organizations. The Ethereum blockchain, however, has proven time and again to be a solid foundation for new use cases such as decentralized finance , and non-fungible tokens . One of the most heated debates over the last several years is the back and forth about whether or not crypto can actually be used for transactions, versus simply being held as a speculative investment. In the United States, at least, it seems that the taxation treatment will remain that all crypto are treated as property for the time being; this has far ranging implications. The current rally in ether prices aside, many of blockchain applications that have seized mass market attention and focus have been developed, and run on, the Ethereum blockchain. At any rate, the eventual creation of an ethereum 2.0 will solve these problems by moving the platform’s system of validation from “proof of work” to “proof of stake”. Without getting into too many details, proof of work is a protocol in which validators all attempt to solve complex equations to prove that each proposed transaction is valid. With proof of stake, there’s no need for all validators to do this power-hungry work, because the system chooses one at random to confirm each transaction.

For right now, however, Bitcoin is primarily a store-of-value while Ethereum is a decentralized application platform. Click here, or sign up for our newsletter to explore more of Benzinga’s Cryptocurrency market coverage, in-depth coin analysis, data, and reporting. As shown above, Tether is dominating over the other stablecoins. USDC also has a continuously rising transfer value, and PAX, DAI, TUSD, and GUSD are left behind. Yesterday, new research by Messari, found out that ETH is no longer carrying the most substantial transfer value on the Ethereum network as stablecoins have surpassed it. On a more serious note, Craig “Faketoshi” Wright, a proponent of Bitcoin Satoshi Vision, had lots to say on the matter. Wright, an Australian cryptographer who claims to be Satoshi, explained that the asset is far from a utility token, adding that its use as a “tradable good that is sold under the expectation of profit” makes it a security.

Interestingly, the creator of DOGE, the dog coin Musk has been bizarrely obsessed about for the last half year, had no kind words to share. In mineable cryptocurrencies, a coinbase is the number of coins that are generated from scratch and awarded… The market cap of Bitcoin has plunged at certain points, particularly in early 2018. The term was invented in 2017, and is a phrase describing the potential moment when ETH will become the world’s biggest cryptocurrency. The first of the two assets side by side suggests that the Bitcoin trend has begun to turn down, while Ethereum’s is still pointed upward. ETHUSD is also now above the middle-band – a simple moving average – on weekly timeframes while BTCUSD is well below it.

Although EIP-1559 isn’t expected to make Ether deflationary any time soon, it does start to reduce its emission as ETH will start to be burned because of the base fee. This fundamentally restructures Ether’s monetary policy and raises several questions about Bitcoin’s superiority over Ethereum. Which is viewed by some as boasting a clearer use case than bitcoin which is considered by some as digital gold. In the view of Celsius’ CEO, you will see broader adoption of Ethereum over Bitcoin; however, both of them are unique applications and blockchains that will both experience greater adoption in the future; one will surpass the other. The Ethereum ‘flippening’ of Bitcoin has occurred in terms of dollars, according to Celsius Network CEO Alex Mashinsky. But since the beginning of the year the market cap of Ethereum is gaining back against Bitcoin. And since the bear market the correlation of these two cryptocurrencies has been off the chart.

Together with Binance Smart Chain and Polygon , they have all outperformed Bitcoin during the last month, in terms of percentage price gains when paired with USD. A key factor that prompted speculation that a flippening would take place stemmed from the belief Ethereum provides greater flexibility and the added advantage of being able to write smart contracts. Cryptocurrencies are always “flipping” one another by rank in the top list of cryptocurrencies by market cap, but all eyes are on the two behemoths and if a “flippening” will ever occur. However, the ongoing ETH 2.0 upgrade means that Ethereum’s continuing to improve its framework for its users, and the possibilities attached to its blockchain are growing. With this in mind, we may soon see a fresh challenge to Bitcoin’s dominance from its long-term second fiddle. He also bets that ETH will flip BTC’s market cap and become the top-ranked crypto asset in valuation. Still, projects using this method of fundraising are going to sell some of the ether tokens they raise to pay for development, he said, meaning sell pressure could increase should this begin in earnest. Developers and entrepreneurs building on bitcoin are still trying to figure out the best way to resolve its ongoing scaling dilemma, a matter which some allege is limiting the cryptocurrency’s use as a medium of exchange.

Eth yet again saw increased interest in the options market and is now up to 60% of BTC volume. In the month of May, while BTC miner revenue decreased by 15% to $1.45 billion, ETH miner revenue increased by 42.8% to a new ATH of $2.35 billion. This is the first time since June 2017 that ETH miner revenue exceeded BTC miner revenue. The majority of the data for the site is sourced from CoinGecko and Coin Metrics. The Ethereum/Bitcoin flippening is more than half complete, according to a new metric. Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.

Still, bitcoin remains the dominant player, representing 44% of the nearly $1.96 trillion in crypto market value compared with Ether’s nearly 19%, according to CoinMarketCap.com. The process of investors staking their Ether in preparation for the upgrade to Ethereum also has been credited in buoying prices of the digital asset. Bitcoin is currently using as much power as the whole of the Philippines, although its supporters argue that much of this is power that would otherwise be wasted – for example, oil rigs burning off natural gas because it’s not profitable to sell it. Proponents also point out that the network is shifting towards using much more renewable power over time. Ethereum is currently paying more money per unit of time to miners than Bitcoin. Ethereum has higher ledger costliness than Bitcoin, meaning it has higher settlement assurances under this measurement. It’s often touted that BTC is the hardest, soundest money the world has ever seen up to this point. This is likely true; the digital asset has an immaculate conception that arguably can never be replicated again paired with a strict, programmatic monetary policy . Ethereum is fast-closing to its full Proof-of-Stake transition with the upcoming London hard fork.

No stranger to strange milestones, the cryptocurrency sector may soon see a historic first, one that could upend long-held perceptions of its market. Upon further reflection, though, does it even make sense to compare Bitcoin with Ethereum? One is a form of money, the other is a platform, a new supercomputer powering Web 3.0, upon which one can build new technologies, arguably. Moreover, Bitcoin isn’t standing still, technologically speaking. “The planned Taproot upgrade could significantly enhance Bitcoin’s efficiency, privacy and the functionality of its blockchain,” said Prasad. Meanwhile, according to Jeff Dorman, the Chief Investment Officer of US-based investment management firm Arca, the demand is expanding away from BTC.

The findings from the Ethereum price predictions report forecast the average price expectancy of ETH over the rest of 2021, 2025 and 2030. “Ether has learned and has fewer problems – as well as a comprehensive, coherent roadmap going forward. It also has leadership. Bitcoin has none of that. And first-mover advantages dissipate if one doesn’t continue to innovate.”

Cardano is a highly anticipated direct competitor to Ethereum, promising more scalability and smart contracts with the Alonzo upgrade. Bitcoin’s market cap as a percentage of the total crypto market cap was generally around 80 percent until 2016. However, as Bitcoin prices crashed in the first half of 2017, the metric fell below 50 percent by the middle of the year. Since 2019, Bitcoin’s market cap has been around half of the total crypto market cap. In an industry centered around coins, there’s a lot of flipping going on. Each altcoin is a coin flip whether or not it’ll be something some day, and traders are regularly flipping bullish or bearish depending on the price action and sentiment. “The development of both bitcoin and ethereum have far-reaching implications for our future world. Respectively, bitcoin and ethereum represent the future of money and the future of the internet.”

Each Ethereum would cost around half of each Bitcoin – slightly less – but fall widely short of ever flippening in the reigning king of crypto. Next, comparing the two assets using the Ichimoku indicator tells a similar story. In the BTCUSD weekly chart, the Tenken-sen and Kijun-sen have crossed bearish while ETHUSD is still very bullish. The best attempt of the top altcoin overtaking the reigning top cryptocurrency could soon be coming – according to several technical indicators and a direct comparison between ETHUSD and ETHBTC. A marketing strategy used to spread fear and insecurity among customers, traders, or investors. A colloquial expression used to describe a cryptocurrency or other asset that is experiencing a strong upwa…

• “So I still expect bitcoin to get toward $100,000, the question is when, but right now it’s just a dog compared to what’s happening with Ethereum and DeFi,” he said.
• Stablecoins now have a larger share of value transferred on the Ethereum network than its native cryptocurrency – ETH.
• But some of the price movement in ether probably reflects people betting that the upgrade will succeed, while the rest is from speculators switching from bitcoin, and new money moving into the space.
• “I personally think ether price is incredibly overpriced, and that many of the ICOs funded will not deliver on all their promises. When that unravels, it’s likely to cause a substantial crash in the ether price,” he said.
• For right now, however, Bitcoin is primarily a store-of-value while Ethereum is a decentralized application platform.