The Flippening, that moment when Ethereum overtakes Bitcoin and has the largest estimated cryptocurrency marketshare, might be happening sooner than we thought. It appears that Bitcoin is continuing to plunge against Ethereum this morning. As of the time of this writing, at 8:49 Central Time, Bitcoin is down 7.83% against Ethereum on Coinbase. This trend has continued since yesterday.
So, that’s good right? Ethereum is holding it’s own. True Ethereum Bulls know that this event is destined. As the vastly more useful cryptocurrency, with tons of untapped potential, Ethereum will eventually supplant Bitcoin with the number one estimated market cap measured in USD. We know that. Nonetheless, and I suppose I’m just speaking for myself, but comment if you can relate, this is not exactly how I envisioned it.
I imagined a race upward, with Ethereum just barely pushing ahead of Bitcoin. The race would be neck and neck for a longtime. The fanboys on each team would have a fun and friendly rivalry where everyone wins. But, ultimately, based on dedicated efforts from the community and the beauty of the tech, Ethereum would have its day. Ethereum would earn the largest marketshare and hold it until the end of time. That was my vision: the sunny uphill race. Sounds nice, right?
I did not envision that it would happen with Bitcoin being blown away by market fears while Ethereum held strong. This is the tornado scenario. Ethereum, tethered by the love and promise that its holders have for the token, has roots sufficient enough to withstand these storms. We can be thankful as a community that we have these roots. Bitcoin has roots too, but most holders are speculators, not true believers. For that, BTC’s price as measured in USD will be whipped around by these foul winds.
The tornado scenario is far different from the sunny uphill race. That the tornado scenario seems to be unfolding is unfortunate. I think its fairly common to imagine that Ethereum is like Bitcoin’s younger brother. All lovers of Ethereum want to see it grow bigger than Bitcoin. Yet most of us didn’t want this to happen by a reduction in the size of the elder. I hoped to bask in the sun during the flippening, not be happy that we survived it.
Well, the flippening hasn’t quite happened yet, but signs indicate that it might be coming sooner than we imagined, and under conditions different from what we hoped.