BITCOIN DOMINANCE

olaspecial (67)in Tron Fan Club • 3 years ago (edited)

The chances of Ethereum flipping Bitcoin to become the number cryptocurrency are slim. The Bitcoin maximalists seem to think it's utterly impossible to happen but the Ethereum maximalists think is definitely going to happen. People love to see the underdog rising to become the champion. It is the hypothetical case Ethereum overtakes Bitcoin to become the largest cryptocurrency. A position that Bitcoin has held for a very long time.

Currently, during this bear market is around 45% of Bitcoin, so it does have quite a way to go. The term flippening originate in June 2017 and the crypto market was going through an insane Altcoin season in the last season. Then, Ethereum was at its peak against Bitcoin which led investors to believe that it would soon overtake Bitcoin. It still doesn't happen but it did have the crypto community question what the industry would look if this were to ever happen. As the Ethereum euphoria ramps up Google searches for the flippening skyrocketed to a new high.

When we think of what is market means to be the largest cryptocurrency, we tend to think of the market cap but if Ethereum were to have a bigger market cap than Bitcoin, it doesn't mean that the ETH price for individual units will be larger than Bitcoin. That is because there is way more ETH than Bitcoin. Market cap is calculated using the total calculating supply multiplied by the price. As the market stands for Ethereum to flip Bitcoin, ETH will need to be around 2,600, and Bitcoin will have to remain flat. The flippening could during a potential Altcoin season and maybe the height of another bull market. Other metrics are essential to adoption that we could look at to see if Ethereum could eventually dominate the market.

Speaking of dominance, it is the ratio of the market relative to the entire cryptocurrency market. Right now, Bitcoin dominance is about 42%, have massively dropped over the last few years. Even if Bitcoin's dominance continues to fall, it doesn't mean Bitcoin has failed. It means the rest of the crypto market is growing and succeeding. There is plenty of room for Ethereum and Bitcoin to grow and there is potential for Ethereum to take a larger percentage of the market share away from Bitcoin in the coming years.

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