world’s largest cryptocurrency with a unit bitcoin, has always prevailed in the world of digital assets.
But now, Ethereum Thanks to its spectacular rise, fans of the second largest coin by market cap are reviving predictions that it will one day take the throne.
In the crypto language, this is called “flippening”. Ethereum’s market cap of around $210 billion is less than half that of Bitcoin, even after Ethereum surged 50% last month. Still, those who believe in it are energized with new optimism as a turning point called Merge approaches, which they say will increase the chances of it happening.
“Ethereum Is Coming To Overtake Bitcoin”
Mati Greenspan, Quantum Economics Founder and Chief Executive Officer, said in a note, using the crypto slang used by market believers:
“When people are constantly ‘flippening?’ I hear you repeat the question. While there is no guarantee that this will happen, just looking at the numbers, this event seems to be getting closer by the day.”
QCP, a crypto trading hub, said they have been trading an “incredible amount” of Ether call options in recent days, adding that hedge funds are big buyers. “We expect this demand to continue as we get closer to the September merger,” they wrote in a market update on Telegram.
Bodhi Pinkner, an analyst at crypto asset manager Arca, suggested that flippening is “very likely.” “We have a positive view of Ethereum,” said Pinkner, adding that after the merger, Ethereum will become a deflationary asset:
“So this changing dynamic bodes well for Ethereum’s price relative to Bitcoin, especially in a contractionary environment.”
*Not investment advice.