There’s talk that “the flippening” may be in the works as Ethereum (CCC:ETH-USD) continues to grow.
For those unaware, the flippening is a hypothetical event in which ETH overtakes Bitcoin (CCC:BTC-USD) in terms of market capitalization. While this hasn’t happened yet, it may not be too far off.
Alex Mashinsky, CEO of Celsius Network, says the process is already underway. He notes that ETH is already the top crypto held on the platform in terms of U.S. dollar amount. That could be a sign that the flippening is starting.
Mashinsky believes so. He made the following statement, as collected by CoinTelegraph.
“The flippening already happened. Ethereum already surpassed Bitcoin in dollar terms as the total holdings of the Celsius community, and I think that the broader market will follow it in the next year or two. We will see that flippening happening also in the broader market.”
Mashinsky isn’t the only person that believes there’s more potential for ETH than BTC in the future. Goldman Sachs also released a recent report naming Ethereum as the crypto with the highest real-world use potential. It cited a few reasons why the digital asset beats out Bitcoin in this regard. You can learn all about that by following this link.
ETH was down 8.5% and BTC was down 5.2% as of Thursday morning. ETH is up 189.4% and BTC is up 12% since the start of the year.
Crypto investors that are looking for more of the most recent news should keep reading!
InvestorPlace has loads of crypto news for traders to dive into today. That includes the latest concerning a SPAC merger between crypto developer Circle and Concord Acquisition (NYSE:CND), new catalysts that could send Cardano (CCC:ADA-USD), as well as a closer look at ADA. You can find all of that information at the links below!
More Crypto News for Thursday
- Dear Crypto Fans, Watch CND Stock and the New Circle SPAC Merger
- These Catalysts Could Push Cardano’s ADA to New Heights
- New Partnerships Aside, Cardano Is Still All About Utility
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.