February 5, 2023
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Some Ethereum supporters have been talking quite loudly about the possible event called “The Flippening”. It means that ETH may surpass Bitcoin in market capitalization in the nearest future thanks to the fallout of the merge and switching to PoS which should, in theory, increase the attractiveness of the network for institutionalized investors and increase the throughput.

What is happening in the market?

With the immediate reaction of the market to the event, it is hard to imagine that the flippening is anywhere close to happening. Bitcoin has been falling after reaching an impressive $21 support mark on September 9. The following increase in price over a 2-day period fortified hopes of the Bitcoin community that the asset took root over the new support line.

However, BTC took a sharp dive on September 13 and dropped below the $20K threshold which was supposed to be another significant point where the Bulls should have taken hold and fought back. It seems that the asset is moving in a horizontal direction without any dramatic shifts in price. The merger seemed to not affect the performance of Bitcoin.

ETH, on the other hand, took a strong hit too. On the day of the merge, the asset tanked by 10% and dropped to $1456 within 6 hours after the merge started. At the time of writing, ETH seems to be on its way to recovery and barely holds to the $1500 resistance level.

In terms of market caps, ETH nosedived by over 5.8% while BTC lost just 3.2% during the same period. BTC is still more than 2 times bigger in terms of market cap. It seems unlikely that ETH is capable to surge in price by 110% after the merge which did not produce the positive immediate effect many enthusiasts hoped for.

Can the Flippening happen at all?

The crypto industry is quite unpredictable. It is hard to make any forecasts, but the idea that ETH will surpass Bitcoin seems unlikely due to many competing networks aiming to take down Ethereum. Bitcoin does not have the same level of competition or stressful pressure from investors.

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