In the cryptocurrency world, Ethereum has always been treated as a Bitcoin competitor. There have been opinions about this recently. There are even dates. Let’s look at the details of our news.
New Ethereum scenario
The issue of when Bitcoin will be overtaken for Ethereum remains lively in minds. At this stage, a cryptocurrency analyst has opinions. He shares this with a chart. Analyst Morgan Bennett looks at the “domination” of Bitcoin (BTC) and Ethereum (ETH). So, the net cryptocurrency segment shared the market cap percentage charts. So what is the much anticipated “flippening” by the ETH community? In short, surpassing Bitcoin. He pointed out two trend lines that could show the timeline for this. It is in question that ETH will surpass Bitcoin (BTC) in 2025-2026.
Not a fan of technical analysis but it's hard to argue against long-term trends.
If the trend continues, $ETH will flip $BTC within the next 2-3 years. pic.twitter.com/CSFtnjwgnF
— Mo (@MorganTBennett) June 2, 2023
While Morgan Bennett might not call himself a technical analysis “fan,” he is confident that two trends are clear. While the dominance of Bitcoin (BTC) is shrinking, that of Ethereum (ETH) is growing. If both trend lines are valid, there is a “reversal”. Accordingly, it will happen in the next two or three years. Accordingly, in the graph drawn by Bennett, this event takes place in the 4th quarter of 2026. The altcoin market has a growing size. Therefore, both cryptocurrencies will be responsible for 23%-24% by the moment of “flippening”. In this context, Ethereum (ETH) will “slowly”, “gradually”, “suddenly” surpass Bitcoin (BTC). On the other hand, with the disappearance of the “Digital Gold” narrative for both cryptocurrencies, there is a victimization.
If Bitcoin is passed
At the time of writing, the largest cryptocurrency, Bitcoin (BTC), represents more than 46.2% of the cryptocurrency market cap. The share of Ethereum (ETH) exceeds 19.5%. The third largest cryptocurrency, Tether (USDT) stablecoin, accounts for 7.36% of the net crypto market capitalization. The two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), were at their closest point to “flippening” six years ago, in mid-June 2017. Bitcoin (BTC) was responsible for 37% of the market and Ethereum (ETH) made up 32%. In contrast, in September 2019, the market cap of Bitcoin (BTC) was 10 times greater than the market cap of Ethereum (ETH). Because Ethereum suffered much more than the 2018-2020 crypto winter.
“Flippening is possible, but the line is ridiculous,” says crypto expert Chris Blec. But Bennett’s followers agree with his calculations. On the other hand, some crypto enthusiasts emphasized that they are tired of the “flippening” narratives that have been discussed since the launch of Ethereum (ETH) in June 2015. Chris Blec, author of the Blec Report project, prominent DeFi analyst and influencer, states that Bitcoin (BTC) in general has a good chance of being surpassed by ETH. However, he says the accuracy of the above-mentioned model should not be exaggerated: Bennett emphasizes that he agrees with this point of view. However, he added that even if Ethereum’s (ETH) dominance was initially assumed to be 0, it was impossible to find a function that did not predict a reversal. cryptocoin.comThese discussions do not seem to end, as ETH has always been seen as a Bitcoin competitor.
