Will Flippening Occur In The Next Bull Run!
Flippening may be defined as an event when a lower-ranked cryptocurrency overtakes Bitcoin in terms of total market cap. For example, the closest ranked cryptocurrency to Bitcoin right now is Ethereum and if Ethereum overtakes Bitcoin, we may call that event as Flippening.
Right now, this might not seem to be a possibility but when Ethereum was trading at its all-time high, many people thought that Flippening was going to take place. Although that didn't happen, Ethereum came very near to achieving this feat.
Source
Earlier, the two main contenders to overtake Bitcoin were thought to be Ethereum and Bitcoin Cash but with time, the hype around Bitcoin Cash died down and I don't think that Bitcoin Cash will ever come close to doing that.
That leaves Ethereum to be the only contender to overtake Bitcoin in terms of market cap. For Flippening to occur, Ethereum will have to do a 7x from where it stands now. While this may not be a big deal for smaller cap coins, but for a cryptocurrency with a market cap of over $26 billion, this is a daunting task. Besides, if Ethereum makes an upward movement, it is highly unlikely that Bitcoin won't do the same which makes Flippening even tougher to happen.
With that said, there has been a tremendous increase in the number of unique Ethereum wallet addresses this year. According to the blockchain analytics website Messari, the number of Ethereum wallets has more than doubled since the start of this year. There has been an increase of 118% in the unique Ethereum wallet addresses compared to a mere 49% increase in Bitcoin wallet addresses.
The DeFi Craze
Now the obvious reason for this growth is Ethereum's decentralized finance. There are plenty of dApps built on top of Ethereum and it was reported that more than 97% of the dApp volume came from DeFi apps. DeFi has been touted as the next big thing after ICOs and with Ethereum staking also coming, it is only going to make Ethereum stronger.
The total number of unique Bitcoin wallet addresses is still more than Ethereum's unique wallet addresses but I believe that Ethereum will overtake Bitcoin in terms of unique wallet addresses by the end of this year.
So, do I think that Flippening is on the cards?
Yes, I believe it might happen. It might not occur in the coming bull run but maybe, sometime over the next 4-5 years. And of course, this represents my own views. I may be wrong and Flippening might never occur.
Let me know your take on this.
This is not financial advice. These are personal thoughts and they are meant for information purposes only.DYOR before investing.
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This is really interesting. I guess some Ripple fans would say that Ripple will be the crypto that might cause a flippening, but I do agree personally and based on your writing, that Ethereum might be the Bitcoin-slayer instead. However, I doubt that Ethereum will be able to fly x7 without Bitcoin also flying quite a lot. And if Bitcoin would lose value, I have a feeling that Ethereum would also fall in value, no matter how many cool stuff they have coming up and the number of users.
No matter what, I do feel as if Ethereum would deserve a position closer to Bitcoin in value! It will be interesting to follow it towards Ethereum 2.0 and staking, which might come at us within the coming 2-3-4 months :)
I think xrp will struggle to hold onto its rank in future with potential contenders to overthrow xrp being cardano and/or chainlink.
Ethereum might never overtake BTC but it will be very close to BTC for many years to come. However, if flippening does occur, it would be very exciting.
If the coins will flip, I believe Bitcoin will have a hard time ever regaining its place on the throne... But, I have a feeling that will not happen anytime soon!
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Thank you :)
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I am not a trading expert, nor is this financial advice. Please do your own research before making any investments.
For me, etherium has more potential than bitcoins and it's very likely to pass
Let's wait and see what happens!
I see some maximalists in their Twitter posts that though they are not converted to Ethereum supporters but said they are Long on their position. So a lot of people are buying Ethereum nowadays. Flippening can be a possibility but not in the near future though.
Yes, there are bitcoin maximalits but with time, I have seen their numbers fading. I think people have started to realize that crypto is not just Bitcoin.
Yes, Bitcoin is the most decentralized and trustless chain but I don't think it is the best, there are better cryptocurrencies.
I really never knew what flippening meant until I read this post, truly educating and thanks for the clear explanation.
Thank you
I am glad that you found it useful.
I seem to thing in the same direction. Perhaps eth becoming both a store of value and the foundation chain for a majority of de-fi could lead the way for such an event.
That's what I think as well.
But right now, it is not possible. This might happen after the mass adoption of crypto and when people really know about what ethereum is trying to do.
I think its difficult to predict but few coins have done nice in last few years even after bull run. I believe in bitcoin and ETH more and then steem. Will see when will next bull run comes and what it will bring.
Nice post @syedumair
Thanks for sharing.
I am afraid, steem is not even close, not yet at least.
Yes, we all love steem and want our investments to grow but let's be realistic, steem has a long way to go t become one of the top projects.
This is a very awesome . Am sure Ethereum would in the nearest future flip on bitcoin because if am sure anything is possible in these markets. Just give it time !