Less than ten days ago, Ethereum World News, ran an article highlighting the dethroning of Bitcoin (BTC) from the number one spot by Ethereum (ETH) that had been predicted by Roger Keith Ver; also known as ‘Bitcoin Jesus’. This act of Ethereum gaining dominance over Bitcoin is known as ‘Flippening’ in the Crypto-verse and has been further defined below.
Flippening is a term that defines the act of one or more altcoins, no longer riding on the back of Bitcoin in terms of deriving market value from it. It marks the end of the dominance and special status of one coin in the form of market capitalization and popularity amongst crypto enthusiasts, and the entry of a new, better and more popular alternative.
So what are the signs of the diminishing dominance of Bitcoin (BTC)?
Firstly, Bitcoin (BTC) has had a hard time breaking the $9,000 levels lately. The King of Crypto has been unable to break through past $9k for the last 10 days. At the same time, the total crypto market capitalization has been oscillating between $360 Billion and $408 Billion. The current BTC dominance stands at 37.1% of this market cap. However, when we look at the dominance of Ethereum (ETH), it has increased from 17% in early April, to current levels of 18.55%.
Secondly, there has been a growing trend of tokens and coins doing double digit gains as Bitcoin (BTC) stagnates or dips further. Once such case is the recent 10% gains of Ox (ZRX), Zilliqa (ZIL), Aelf (ELF) and Ontology (ONT) on May 17th; less than 3 days ago.
CCN.com summarizes this observation in the statement below:
On May 17, the bitcoin price reached a two-month low at $7,925 and as the bitcoin price fell, the price of Aelf (ELF) and 0x (ZRX) also fell to their monthly lows. However, as the bitcoin price rebounded from $7,925 to $8,300, ELF rose from 0.00014 BTC to 0.000162 BTC and ZRX rose from 0.00015 to 0.000174 BTC, both recording large gains against bitcoin.
In conclusion, it seems like Bitcoin (BTC) is gradually losing its dominance in the crypto market as more traders and crypto-enthusiasts opt for coins and tokens with more ‘action’ in terms of gains and news announcements. Most of these tokens and coins have real life applications in what is known as Proof of Concept.
Perhaps Bitcoin Jesus was right when he said that Ethereum would first flippen Bitcoin by the end of this year, followed by Bitcoin Cash (BCH) flippening both of them later on in the year 2020.