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.

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)

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.