Tobby Kitty, one of the important names of the local cryptocurrency community, emphasized “Flippening” on Twitter. Kitty, who shared a chart, talked about the concept of “Flippening”, which describes the market dominance of Ethereum (ETH) surpassing the market dominance of Bitcoin (BTC). This brought to mind the question of whether such a thing could happen.
According to Binance Academy, the term “Flippening” was coined in 2017 and refers to the possibility that the market capitalization of Ethereum (ETH) will surpass the market capitalization of Bitcoin (BTC). Therefore, the term describes the hypothetical moment in the future when Ethereum becomes the largest cryptocurrency in terms of market capitalization.
The market value of a cryptocurrency is calculated by multiplying its circulating supply by the current market price (although it does not take into account lost cryptocurrencies or tokens). Currently, Bitcoin is number one in terms of market cap, followed by Ethereum. According to Coingecko data, at the time of writing, BTC had a market dominance of 64% and ETH 11%.
Although BTC has always been the number one cryptocurrency in terms of market cap, market dominance has dropped significantly in recent years. The decline was particularly seen in mid-2017 and early 2018. During this time, many Ethereum supporters hoped Flippening would happen. Speculators were saying that more flexibility and the ability to write smart contracts would bring Ethereum closer to Bitcoin, but Flippening never happened.
The Flippening clock website can be used as a reference to track Ethereum’s progress compared to Bitcoin.
Will Ethereum Take Dominance?
Until recently, Bitcoin has ranked at the top without any serious competition since its creation in 2009. On February 24, 2017, Bitcoin’s market cap represented 86.74% of the total market capitalization of all cryptocurrencies. Since then, although the unit price has risen, Bitcoin’s market share has dropped rapidly and is now 64%. At the same time, other cryptocurrencies, especially Ethereum, quickly gained market share.
Continuing his statement on the subject, Tobby Kitty made the following statements about the period he mentioned: “I say you were only buying and selling two cats at the time. You can do almost everything with DeFi right now that modern banking can do. We are not kidding, everyone should be sober. “