If you take a look at the relevant Bitcoin price pages, you will quickly find that the industry leader is miles – or years – ahead of its epigones when it comes to market capitalization. Still, the “flipping index” of blockchain data aggregator Blockchaincenter.net spits out an astonishing number when asked how close Ethereum Bitcoin is on its heels.
The flipping between Bitcoin and Ethereum is already 55 percent complete, according to the Flippening Index.Flipping halfway?
The number, which at first appears to be very high – after all, Ethereum’s market capitalization is only a fraction (15 percent) of Bitcoin – can be explained by the fact that Blockchaincenter.net is based on the Flippening Index as well as various other metrics.In fact, Ethereum has already overtaken Bitcoin in two categories: On the one hand, Ethereum has been replacing Bitcoin in the total number of transactions for some time. The fact that more transaction fees are paid in total in the Ethereum network is relatively new. With this, Ethereum has already put the saw on two feet of King Bitcoin’s throne.
Bitcoin dominance usually describes the share of Bitcoin in the market capitalization of the crypto market. Before Ethereum launched Initial Coin Offerings (ICO) in the crypto space, the crypto market was synonymous with the Bitcoin market: Bitcoin dominance was practically 100 percent. When the ICO hype peaked in 2017, Bitcoin dominance has now dropped below the 40 percent mark – difficult to understand from today’s perspective, at least for Bitcoin maximalists.