Ethereum is down nearly 80% compared to Bitcoin since the cheater seemed imminent


/ Ultima / 2018/11 / Ethereum-is-down-almost-80-against-bitcoin-from-the-flippening-seemed-imminent /

Last year, when most of the cryptocurrencies were rising to new highs, criptovalute enthusiasts began to believe that Ethereum's ether was destined to become the number one cryptocurrency as it was rapidly approaching to bitcoin market capitalization. Since then, its value has plummeted by almost 80% compared to the top cryptocurrency.

Nicknamed "The Flippening", the scenario in which ETH overcomes the market capitalization of BTC was therefore a real possibility, given that Ethereum managed to get about 80% of the bitcoin capitalization, after exceeding 5,000% from $ 8 in early 2017. Ethereum time seemed to be at the top of BTC, it was just over $ 410, while bitcoin was at $ 3,000.

The Ethereum ether was then traded at 0.1506 BTC. Since then, its value against the top cryptocurrency has plummeted, as it is now trading at 0.0331 BTC – a fall close to 80%.

Ethereum has precipitated against BTC

Since then, bitcoin has reached the record of $ 20,000 ever, while the ether has managed to reach $ 1,400. While ETH is currently trading at $ 199 after losing 0.8% in the last 24-hour period, BTC is at $ 6.360, down 0.7% over this period.

At the time, ethereum was on the rise thanks to various factors, including the initial money boom (ICO), which saw various projects increase billions of cryptocurrency value. The reason for its boom, it seems, has also led to a collapse, as the pressure from short sellers and ICO sales have seen its price decline.

Given the price trends, the bitcoin market share of the cryptocurrency ecosystem is now 53.3%, while that of the ether is 9.96%. When Flippening seemed imminent, bitcoin market share was 39%, while ether's market share was 31%.

As Crypto CEO New Waves Capital pointed out, Eric Campbell, users could turn to BTC during the bear market and could switch to other cryptocurrencies as soon as the bulls return. For now, the bitcoin has reigned supremely.

According to a website created last year to monitor Flippening, ETH is only above the top cryptocurrency in terms of transactions per day and in the number of nodes.

Reversal data from November 2018

Currently, ETH occupies less than 19% of the market capitalization of BTC, but has seen over 580,000 transactions go through its network in the last 24 hours, while BTC has seen 260,000. Ethereum has 13,000 knots, 3,000 more bitcoins.

On the other hand, Google's search interest is higher for bitcoins, just like mining rewards and trading volume.

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