Finally found something worth sharing about this drop in ETH price ...
After weeks of torrid growth, it seems ether’s much-hyped ‘Flippening’ may be on the verge of falling short.
Just weeks ago, the cryptocurrency that powers the ethereum blockchain looked poised to become the world’s largest by market capitalization, making ethereum the most valuable public blockchain. But as the calendar turns to July, that trend appears to be becoming less of a certainty.
After peaking at nearly $415 in mid-June, ether’s price declined to roughly $300 yesterday, an approximately 27% drop from its all-time high. Further, with this decline, ethereum’s market cap fell to less than 70% of bitcoin’s, down from more than 82% mid-month.
At stake in this game of numbers is the position of market leader in the nascent blockchain sector, one that has long been dominated, and defined by, investment in the bitcoin protocol.
But while bitcoin, the original cryptocurrency, has historically been the largest, its market share has been declining steadily, spurred in no small part by the growing use of ethereum.
The question now on many investor minds is will this trend continue and what’s next?
Bulls on parade
Previously, analysts have predicted that ether would inevitably surpass bitcoin, in some cases, going so far to estimate that this changing of the guard will take place in 2017.
And despite ether’s recent price woes, analysts largely still believe this will be the case.
Tim Enneking, managing director of cryptocurrency hedge fund Crypto Asset Fund, was firmly of the view that ether is on track to becoming the market leader.
Enneking told CoinDesk:
Ethereum will still take over top spot in terms of market cap from bitcoin before the end of the year.
In this light, he called ether’s recent price movements simply “a bit of consolidation before the next push”.
Marius Rupsys, a cryptocurrency trader and co-founder of fintech startup InvoicePool, offered a similar view. “I still believe that [ether] is moving to become largest by market cap. It will not happen in a day, but it is getting there,” he said.
Rupsys spoke to a few variables that could impact the price of bitcoin and ether, including bitcoin’s ongoing scaling dilemma, which he said could further push investors to other digital assets if progress stalls.
Bitcoin’s weakness
That said, it appears bitcoin’s ecosystem may be on the verge of making just that adjustment.
Various stakeholders in the bitcoin ecosystem have been working toward solving the block size challenge for some time, and the network may have finally found a solution in a proposal named Segwit2x.
The plan, which would both reduce the size of transactions and also make the blocks in bitcoin’s blockchain larger, recently attained the support of nearly 90% of bitcoin miners, meaning once the software is released, improvements could be swift.
for the rest of the article the original post can be found at http://www.altcointoday.com/ethereums-flippening-event-is-on-the-verge-of-failing/
It is not over until it is over, particularly in the cryptocurrency market. I also think ETH will surpass BTC, but the timing can be offset by all kinds of things, even things that have little to do with ETH.
This was a great video
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
http://www.bitcoinisle.com/2017/06/26/flippening-flop-as-ethereums-price-pulls-back-market-remains-bullish/
That change is undiputably going to happen.
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