How cryptocurrency ethereum looks set to overtake bitcoin — in one chart

Ethereum’s market cap closes in on bitcoin’s as fans watch for ‘The Flippening’

Just as Wall Street is paying more attention to bitcoin, a rival is increasingly threatening to become the top dog among cryptocurrencies.

Ethereum’s market capitalization has neared bitcoin’s, as shown in the chart below from CoinMarketCap.

As of June 18, bitcoin BTCUSD, -2.08% (shown in orange on the chart) accounted for 38% of the combined market capitalization for all cryptocurrencies, down sharply from 87% on Feb. 25.

Blame the erosion on ethereum (shown in purple), which on that date made up 32% of the total market cap, up from just 5% in February.

Bitcoin has since regained some ground, accounting for 44% of the market cap as of mid-July vs. ethereum’s 24%.

If ethereum’s market cap overtakes that of bitcoin, then “The Flippening” will have happened. That is the term that many people are using to refer to that shift, according to a post at the Flippening Watch blog.

Bitcoin’s market cap currently sits at about $42 billion and its price was under $2,600 at last check, according to data from CoinDesk and CoinMarketCap. Ethereum’s market cap recently stood at $22 billion and its price at around $240.

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