Is the Ethereum “Flippening” Real?
For those unfamiliar with the term, "flippening" alludes to the point in time when Ethereum (ETH) outpaces Bitcoin (BTC) in market capitalization. Well, as of December 2, 2021, Ethereum market capitalization is less than 50% away from flipping Bitcoin.
Market Cap Comparison
According to CoinMarketCap data, Ethereum's market cap stands at over $557 billion versus Bitcoin’s $1.1 trillion market cap. Based on this market cap, for the flippening to really happen, ETH’s price would only need to rise to approximately $9,000, while at the same time, Bitcoin price would need to remain unchanged.
ETH/BTC Chart Analysis
Following Bitcoin's April 2021 crash, the ETH/BTC chart has bottomed out, and the price of ETH has outperformed Bitcoin.
Here are three technical factors in favor of Ethereum’s Flippening:
1. Currently, ETH/BTC price is in the process of breaking out of a rectangle pattern, in which the ETH is price soaring faster than Bitcoin's price.
2. The golden crossover signal on the ETH/BTC weekly chart happens when the 50 moving average crosses above the 200 moving average. This is a powerful bullish signal.
3. Ethereum is trading above its previous all-time high. Actually, ETH broke above $4,384, has successfully retested it, and the bulls managed to defend that level which is now acting as support from where prices are currently soaring.
Looking Ahead: Ethereum has previously come as close as 80% to Flippening, will it succeed this time?
Market Cap Comparison
According to CoinMarketCap data, Ethereum's market cap stands at over $557 billion versus Bitcoin’s $1.1 trillion market cap. Based on this market cap, for the flippening to really happen, ETH’s price would only need to rise to approximately $9,000, while at the same time, Bitcoin price would need to remain unchanged.
ETH/BTC Chart Analysis
Following Bitcoin's April 2021 crash, the ETH/BTC chart has bottomed out, and the price of ETH has outperformed Bitcoin.
Here are three technical factors in favor of Ethereum’s Flippening:
1. Currently, ETH/BTC price is in the process of breaking out of a rectangle pattern, in which the ETH is price soaring faster than Bitcoin's price.
2. The golden crossover signal on the ETH/BTC weekly chart happens when the 50 moving average crosses above the 200 moving average. This is a powerful bullish signal.
3. Ethereum is trading above its previous all-time high. Actually, ETH broke above $4,384, has successfully retested it, and the bulls managed to defend that level which is now acting as support from where prices are currently soaring.
Looking Ahead: Ethereum has previously come as close as 80% to Flippening, will it succeed this time?
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