Ethereum hits fresh ATH as fanboys dream of ‘The Flippening’

Ethereum has broken through the $US2,700 level for the first time ever, while Bitcoin remains well off its highs, giving hope to Ether fanboys awaiting ‘The Flippening’ that the smart contract platform can eventually become the premier cryptocurrency.

One Bitcoin was buying just 20.6 Ether, the fewest it would fetch since August 2018. During the 2017 bull run that ratio reached as low as 8.5, and to some it just seemed a matter of time before a “flippening” transpired. But Bitcoin of course made its own parabolic moves later that cycle.

The closest Eth got to flippening Bitcoin was June 17, 2017. #Bitcoin was just $8B larger than Ethereum.

Lately, Eth fans have been celebrating their gains vs. Bitcoin. The gap between the two has recently shrunk to… $720B.

Bitcoin’s network effect lead has grown ~100x.

— Croesus (@Croesus_BTC) April 24, 2021

vast majority of demand for smart contracts. This is the primary driver behind eth’s success. PoS, scaling and fee burning are extra nails in the coffin of bitcoin dominance.

— path.eth ️ (@Cryptopathic) April 27, 2021

have you ever heard of bitcoin? its like ethereum except it doesn’t do anything

— Jebus (@jebus911) April 28, 2021

Elon selling Bitcoin because he’s preparing his Ethereum investment

— BIG DOG (@MoonOverlord) April 26, 2021

For the record Bitcoin still has a market capitalisation of US$1.3 trillion, 3.4 times that of Ethereum’s $401.9 billion.

Meanwhile enthusiasts of other blockchains were fantasizing about the day their project overtake Ethereum, which in turn is 3.5 times the size of the No. 3 cryptocurrency, Binance Coin (BNB)

Ethereum people spend an unhealthy amount of time talking about flippening BTC. Meanwhile BNB is closer to flippening ETH than ETH ever got to BTC. pic.twitter.com/ZfiOqhsTDa

— grubles (@notgrubles) April 28, 2021

At lunchtime (Sydney time) Ether was changing hands at $US2,688 ($71,975), up 6.2 per cent from yesterday.

Bitcoin was trading at $US55,678 ($3,475), up 3.0 per cent.

The market was broadly in the green, with just 15 top 100 coins falling in the past 24 hours. Pirate Chain was the top declined, falling 10.5 per cent to $US8.98, cooling off slightly after its recent meteoric rise.