The ETH BTC flippening, where Ethereum over takes Bitcoin, is more than halfway complete as the latest cryptocurrency news show. In fact, a metric from the German site The Blockchain Center suggests that this event is at 53% completion.
We can see this from the newly created ‘Flippening Index’ which currently stands at 53.3% and shows that this is the first time the index has topped 50% in 18 months and the highest point since March 2019 when it was around 56.2%.
As you probably know from past information in our ETH news, the ETH BTC flippening now has a new version which completely altered the traditional definition. It originally referred to Ether’s market cap relative to Bitcoin. However, knowing that Ether is currently at just 14.9% of the Bitcoin market cap, it still has quite a mountain to climb.
The Flippening Index has been designed as a more thorough comparison tool which compares both cryptocurrencies and weights the average of eight other indicators to hopefully provide a better overall metric of the use and the interest in the two blockchain networks.
“The term Flippening refers to the possibility of Ethereum (ETH) overtaking Bitcoin (BTC) as the biggest cryptocurrency. Initially it described the hypothetical moment in the future when Ethereum overtakes Bitcoin by market cap. This tool takes that concept a step further and looks at the long term trend of eight different metrics, that show the status of both networks,” the website notes.
On Reddit, we can also see the main person behind the ETH BTC flippening metric, Blockchain Center’s Holger Rohm, who explained why he simply weighted all of the metrics and said:
“I thought about weighing market cap twice, since that’s what it was all about initially, but how should I weigh without it being arbitrary?”
As we can see from the index itself, Ethereum leads on just two of the eight indicators which are transaction count and transaction fees. While the price of ETH lags behind Bitcoin, the website notes that Ethereum would be “way ahead” if this metric included the value of ERC-20 tokens and stablecoins that were transferred on the network.
So, even though the ETH updates are not as popular as the Bitcoin news now, the Ethereum network is very stable ahead of the ETH 2.0 update set to be completed this month.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]