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/)