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NEWS Updates
Why Ethereum Is Set To Become The No. 1 Cryptocurrency: The Flippening A
s it appears it's only a matter of time before Ether overtakes Bitcoin and becomes the number one cryptocurrency, the "Flippening" has set the community abuzz, as it appears it's only a matter of time before bitcoin becomes number two. Due to the blockchain's expected transition to proof of stake (PoS) by the third week of September, bitcoin has lost its status as the most valuable cryptocurrency to ethereum in recent weeks.
The Flippening is on its way. It has been two weeks since the last flippening, but partisans are still calling for a flippening again after an increase in activity and a good performance from ETH over the past couple of weeks. The cryptocurrency that powers the Ethereum blockchain appears to be on its way to becoming the world's largest by market capitalization. This would make Ethereum the most valuable
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August 2022 | Volume 35
public blockchain in the world. The capitalization of Ether is currently less than half that of bitcoin, but that trend appears to be something that could be on the way in the near future. A recent influx of investors has been drawn to Ethereum's decentralized applications, smart contracts, and nonfungible tokens. Many crypto observers believe that ethereum is better than bitcoin because of this. Ethereum is now moving away from proof-of-work (PoW) to a scalable and environmentally friendly protocol. As a result of the transition, ETH will become a deflationary asset, and its energy consumption will be reduced by around 95%, potentially giving it an edge over bitcoin.
Ethereum is attracting institutional interest. Big-money players continue to be attracted to Ether. Hedge funds were
the biggest buyers of ETH options, according to crypto trading firm QCP. According to the firm, this high demand will continue as the Merge event approaches. According to Arca analyst Bodhi Pinkner, it is "very possible" that ETH could overtake bitcoin in terms of valuation in a recent interview.
"Our view of Ethereum is that the flipping is very possible. Thus, Ethereum's price relative to Bitcoin should benefit theoretically from that changing dynamic, especially in a tightening environment." Suppose ethereum can surpass bitcoin and reign supreme for quite some time. That only means blockchain technology is successfully transforming the world, and its smart contracts have a more significant impact than ever before.
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