Anyone who has been in the crypto market for a long time has probably heard the term “The flippening” several times. He describes the scenario that the market capitalization of Ethereum (ETH) catches up with that of Bitcoin (BTC). The current developments on Ethereum could make this currently rather unlikely scenario much more realistic.
Ethereum: dApps, DeFi applications, ERC-20 tokens and 2.0 update
The data provider Glassnode indicated a very interesting development on the crypto market yesterday. On Twitter, the company announces that fees paid for Ethereum transactions have exceeded Bitcoin’s for the first time in a long time. Users spent a total of $ 498,000 on transactions on the Ethereum Blockchain, compared to only $ 308,000 on Bitcoin. The following graphic clearly shows the overlap between the two lines, which took place on June 6th. According to Glassnode, this scenario only occurred on 141 days (8%).
The slightly different flipping …
A flipping that actually happened recently is different from that of Ethereum and Bitcoin. The market capitalization of the stable coin tether (USDT) overtook that of Ripple (XRP) and thus catapulted the cryptocurrency into third place, right behind BTC and ETH.The reason for this is the growing popularity of stable coins. We recently reported that the market cap of stable currencies had defrauded more than $ 10 billion for the first time. With a share of 80%, the stable coin tether can claim a large part of the market. But not everything that glitters is gold.