Ethereum’s market cap closes in on bitcoin’s as fans watch for ‘The Flippening’
Just as Wall Street is paying more attention to bitcoin, a rival is increasingly threatening to become the top dog among cryptocurrencies.
Ethereum’s market capitalization is nearing bitcoin’s, as shown in the chart below from CoinMarketCap.
As of Wednesday, bitcoin BTCUSD, -1.15% (shown in orange on the chart) accounted for 39% of the combined market capitalization for all cryptocurrencies, down sharply from 87% on Feb. 25.
Blame the erosion on ethereum (shown in purple), which now makes up 31% of the total market cap, up from just 5% less than four months ago.
If ethereum’s market cap overtakes that of bitcoin, then “The Flippening” will have happened. That is the term that many people are using to refer to that shift, according to a post at the Flippening Watch blog.
Bitcoin’s market cap on Wednesday was around $45 billion and its price was just below $2,800, according to data from CoinDesk and CoinMarketCap. Ethereum’s market cap recently stood at $36 billion and its price at around $390.
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