The Ethereum/Bitcoin flippening is more than half complete, according to a new metric.
A new metric from German site The Blockchain Center suggests that the long awaited ‘flippening’ — where Ethereum overtakes Bitcoin — is more than halfway complete.
The newly created ‘Flippening Index’ currently stands at 53.3%. Backtested, it shows this is the first time the index has topped 50% in 18 months — the highest point since March 2019 when it was around 56.2%.
Of course, this latest version of ‘the flippening’ has completely altered the traditional definition. It originally referred to Ether’s market cap relative to Bitcoin, but given Ether is currently at just 14.9% of Bitcoin’s market cap, it still has quite the mountain to climb.
Much more thorough comparison
The Flippening Index (which shares some features with the now defunct Flippening Watch) is designed to be a more thorough comparison, weighting the average of eight other indicators to hopefully provide a better overall metric of the use