The recent crash in crypo markets has reignited debate as to whether ETH could flip BTC when it comes to market capitalization.
The crash that mostly happened on December 4, 2021 saw bitcoin lose 1/5th or 20% of its value, while ETH lost 10% – with both coins slowly recovering.
However, with the price of bitcoin at almost $51, 000 at time of writing, and ETH at $4, 350, “the flippening” has become more conceivable to investors.
“The Flippening” refers to the possible future event when Ethereum overtakes Bitcoin to become the most valuable cryptocurrency in terms of market capitalization.
SEE ALSO: Bitcoin, Ethereum Hit All-Time Highs
On February 24th, 2017, Bitcoin’s market capitalization represented 86.74% of the total market capitalization of all cryptocurrencies. Since then, even though its unit price has risen, bitcoin’s market share has fallen precipitously and now usually stands below 60%.
According to this website, which tracks the chances of the flip happening, at this point in time, bitcoin’s market cap stands at 51.4%, based on the latest market cap data:
- $516,941,692,566 – ETH
- $964,201,301,839 – BTC
However as ETH continues making gains, the flipenning will become even more conceivable, as this twitter user attests.
Still, the major doubt amongst the crypto community is whether BTC will not itself be making gains.