The Flippening. . . Not as Big a Deal as The Fappening (SFW). . .
While leaked celebrity nudes appealed to a bigger Internet user base, The Flippening was something only those interested in the crypto space took notice of.
Hi Steemians, I'm @holsturr.
Throughout the history of the web, events occurred that were given special titles based on their level of Internet-breakage. When several celebrity iCloud accounts were hacked and personal photos were distributed unto the world, it claimed its place in history as The Fappening. In the the mid-to-late 2,000-teens, a much different but similarly named event was observed, called The Flippening.
But what is The Flippening, and at this point, is it busted?
TLDR: The Flippening was the observation of Ethereum approaching (and almost overtaking) the market capitalization of Bitcoin in 2017.
During the first half of 2017, Ethereum was observed to be rapidly approaching the market capitalization of Bitcoin (see coincap.io for current standings). Because Bitcoin was the undisputed cryptocurrency market cap king at the time, and the capitalization of Ethereum was rising concurrently with a downtrend in Bitcoin’s market cap, this event – called The Flippening – was interpreted as a big deal.
In January 2018, Ethereum had 360% more 24-hour transactions, 129% better mining reward, and 270% more nodes relative to Bitcoin. The relative market cap of Bitcoin to Ether is seen to be 48.4%.
Now, in April 2018, we can see that 48.4% has dropped to 36.3%.
Though market capitalization is important to the interpreted feasibility of a cryptocurrency, there are several factors that determine the value of any given crypto coin or token. A coin is judged on how widely it’s used and accepted, how it holds value, the nature of its technology, the intentions of its adopters, and more.
So at this point, is The Flippening busted?
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