Flippening meaning and usage 📖
Flippening means that an underdog overtakes the favorite. It refers to the potential overtake of Ethereum to become the world’s biggest cryptocurrency by market capitalization over the previously favored Bitcoin.
This is a pretty big matter for crypto because Bitcoin was the first blockchain and has so far maintained the largest market cap since the beginning.
The term got famous because Bitcoin had a hit and lost some points in the crypto market. This event gave rise to the idea that investors could shift to Ethereum and flippening might happen.
Many investors were really happy because the Ethereum Blockchain is considered to be quite versatile and has advantages which include but are not limited to smart contracts.
Over time you will see broader adoption of Ethereum than of Bitcoin
Alex Mashinsky, CEO of Celsius Network
The Ethereum Flippening incident of 2019 ⚡️
In November 2019, a certain degree of flippening occurred. It happened because the transaction for ERC-20 was more than the ETH-based transactions itself.
It was reported that, that “ERC-20’s had about 303,000 daily transactions vs about 290,000 for ETH”. This means that the Ethereum Blockchain has been rapidly increasing in overall crypto valuation. Due to the increase in its value, it has has attracted many investors towards it.
But still, it does not look like ETH is going to overtake BTC in the immediate future because both blockchains, Bitcoin and Ethereum, are moving in the same direction of the macro environment and dodging inflation at the moment.
Indeed Bitcoin is less applicable in the broader web3 and crypto ecosystem because it does not support the development of smart contracts, which is one of the few things giving an edge to the Ethereum Blockchain.
Example sentence: I am buying Ethereum in the anticipation of flippening 📈
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