Bitcoin price bounces back, Ethereum dreams about the flippening

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The price of bitcoin, after yesterday’s drop, has bounced  today and is back above $46,000, a gain of about 2% over 24 hours. 

Yesterday, BTC had suffered a decline, falling to below $44,000. $44,000 is proving to be an effective support for BTC which is now aiming to break through the $47,500 resistance. 

If this were to happen, it is likely that bitcoin could soon return to the $50,000 mark, a value that has been missing since mid-May.

Likely to push the price of bitcoin back up, a value that has been missing since mid-May.

Likely pushing up the price of BTC again is the fact that Argentina may follow El Salvador’s example and make it legal tender.

This would be important news given that unlike El Salvador, Argentina is much larger and is one of the leading countries in Latin America. 

Ethereum analysis

Ethereum is also back in the positive, with a 3% gain and the price moving back above $3,200. Yesterday Ether briefly dived back below $3,000.

Also dragging the price of Ether is the London upgrade, a further step towards changing the consensus mechanism from Proof of Work to Proof of Stake. This move is increasingly attracting investors’ attention. It is no coincidence that dominance has risen to within 20%. 

According to recent research by Finder, Ethereum could hit $4,500 by the end of the year, surpassing the previous record of $4,300. 

The research takes into account the opinions of 42 crypto experts. Interestingly, 68% of the respondents are certain that the flippening will soon take place, i.e. Ethereum will overtake Bitcoin as the leading cryptocurrency by market capitalization. 

However, there is no consensus on when this will happen. A quarter of respondents assume 2023, while 15% assume 2022, and as many in 2025. But there is also a 32% who think that the flippening will never happen. 

Ethereum is on its way to becoming deflationary, a bit like Bitcoin. However, Anthony Pompliano explained in a terse tweet, Ethereum is not Bitcoin.

Charles Hoskinson, co-founder of Ethereum and CEO of IOHK, the company behind the development of Cardano, replied:

As usual, the market will decide who is right.

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