The flippening is the hypothetical moment when Ethereum’s total market value becomes larger than Bitcoin’s. In other words, Ethereum would move into the top spot by market capitalization, not necessarily by price per coin.
People started using the word in 2017, when interest in Ethereum grew quickly and its use cases beyond simple payments became clearer. Fans pointed to Ethereum’s flexibility for building apps and smart contracts as the reason it might one day overtake Bitcoin by total value.
Flippening talks about market cap, which is the price multiplied by the number of coins in circulation. That means ETH would not need to have a higher price than BTC for a flippening to occur. It could happen if ETH rises faster than BTC, or if BTC falls more than ETH. Changes to ETH’s supply over time can also affect the picture by making the asset scarcer.
Traders and observers look at a basket of network and activity metrics. Common ones include the number of transactions, total transaction volume, trading volume on exchanges, active addresses, and general interest measured by searches. Ethereum has already led Bitcoin on some of these, such as transaction count and parts of 2021’s transaction volume, while Bitcoin has kept the lead in trading volume, search interest, market cap, and active addresses. Enthusiasts also watch broader network activity and adoption rates.
No. Ethereum has outpaced Bitcoin on specific metrics at times, but it has not surpassed Bitcoin in overall market capitalization.
Ethereum powers smart contracts and a wide range of on-chain apps, including DeFi, NFTs, and DAOs. That utility can create steady demand for block space and ETH, which some people think could help push Ethereum’s market value ahead in the long run. This is why you’ll often hear Ethereum described as “digital oil.”
A flippening is not guaranteed. It could be delayed or never happen for many reasons, including a renewed surge in Bitcoin’s price or concerns about Ethereum’s token economics, such as not having a fixed hard cap like Bitcoin does. And again, a flippening would be about total value, not price per coin.
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