The flippening of ETH/BTC stands at more than 50% complete.
The Blockchain Center, a German website, suggests in their new metric that the long-awaited flippening of ETH/BTC is more than halfway complete.
In the Flippening Index, the Ethereum/Bitcoin is currently standing at 53.3%. In the past 18 months, the previous tests show that it is the first time the index has reached 50%. It was in March 2019 when the index stands around 56.2%.
Furthermore, the latest version of the flippening index has completely changed the conventional definition. Before, it originally refers to the market cap of Ethereum, but with the current standing of Ether is only at 14.9% of the market cap of Bitcoin. Thus, ETH has a long way to go and has quite a mountain to climb.
Thorough Comparison of the Flippening Index
Flippening Watch is the now-defunct and has the same features as the Flippening Index. Initially, Flippening is described as a theoretical situation that might happen in the future. It discusses the possibility of ETH becoming more powerful than BTC by market cap. Today, BTC is still the largest cryptocurrency asset. With the provided tools and measurements of Flippening Index, it provides the trends of the key indicators, which shows the performance of both networks.
Furthermore, the designer of the metric of Blockchain Center, Holger Rohm, explains the mechanism of weighted metrics:
“I initially thought of weighing the market cap twice, but how should I weigh it without being inconsistent?”
Ethereum leads on two and a few indicators
In 2 of the 8 key indicators– transaction fees and transaction counts, ETH is leading. However, it lags behind Bitcoin by 37.8% of the dollar-domination transaction volume. Thus, the site claims that ETH is ahead if the metrics include the value of ERC-29 tokens and stablecoins transferred on the network.
ETH has 56% of the active addresses of Bitcoin, which is approximately 1/3 of the exchange trading volume. However, it only has 10.4% compared to the Google searches of Bitcoin.
Furthermore, ETH has two-thirds as many nodes as Bitcoin, which made members of the Ethereum enthusiastic. They are campaigning to run another node as a way to flip.