The host of crypto channel Coin Bureau says the flippening, or the ousting of Bitcoin (BTC) as the top crypto asset by Ethereum (ETH), is an event that can possibly happen this year.
In a new video, pseudonymous analyst Guy unveils to his 1.91 million YouTube subscribers the two factors that can decide whether the flippening will take place in the coming months.
“In terms of when we could see ETH flip BTC, it’s possible that it could happen sooner rather than later. This really depends on the two factors I mentioned earlier. Namely: the approval of a spot Bitcoin ETF (exchange-traded fund) and Ethereum’s merge from proof-of-work to proof-of-stake…
These two events could very well happen within the same month. The few pending spot Bitcoin ETF applications could be approved by March and Ethereum’s merge doesn’t look too far behind. If a spot Bitcoin ETF is approved, then it will likely be impossible for ETH to catch BTC even if The merge is a great success.
If the merge occurs before a spot Bitcoin ETF is approved, it could be enough for Ethereum to flip Bitcoin, at least temporarily. The only caveat here is that we could enter a bear market when the Federal Reserve starts to raise interest rates… If the bear market is in full swing by the time The Merge comes around, it probably won’t be enough for Ethereum to flip Bitcoin because the market momentum won’t be there. Conversely, it’s hard to envision a bear market where a spot Bitcoin ETF is approved, which logically means that ETH is unlikely to flip BTC in the short term.”
The analyst also weighs in on the idea of Ethereum replacing Bitcoin as the number one cryptocurrency.
“Bitcoin and Ethereum are fundamentally different. BTC is digital gold and ETH is digital oil. If the market cap of crude oil flipped the market cap of physical gold or vice versa, it wouldn’t matter for either asset, so why should it matter when the oil and gold in question are digital? From where I’m standing, both cryptocurrencies face unique challenges to grow, but both will ultimately prevail in their respective niches.”
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The post Will Ethereum (ETH) Really Flip Bitcoin (BTC)? Coin Bureau Looks at Possibility of ‘Flippening’ in Coming Months appeared first on The Daily Hodl.
