Flippening is now becoming a common terminology in the crypto world. It refers to the point when bitcoin will be replaced in market caps with some other altcoin. While several people consisting of speculators, traders, investors, and consumers, have for the past years shown appreciation for bitcoin, its price seems to be on the decline as it market value continues to shrink since the crypto crash. Since every altcoin seemed to derive its value from BTC, whenever BTC price escalated, the other altcoins’ value seemed to dwindle.
Who will take over BTC market cap?
As flippening appears to be at the onset, analysts worry that BTC may in the future not be the dominant cryptocurrency. Other altcoins are expected to increase in value as Bitcoin’s market cap share continues to shrink which threatens BTC's big lead sustainability. For the past 1 to 2 years, it appeared impossible for such kind of shift to take place but as things are now going, it seems possible.
What might happen is that investors may not lose all faith in BTC, but there is expected to be the creation of competitive crypto ecosystems. It may cause the value of altcoins such as Dash, Monero, Factom, and Ethereum, which are trying right now to find their space in the crypto world, to upsurge over the coming months and years. The flipening phenomenon should not be brushed aside as these currencies continue to rise as bitcoin continues to flop.
While many analysts thought that Ripple could replace bitcoin due to its enormous performance in December 2017 and January 2018, Ethereum seems to have more potential. Ethereum seems to the most ICOs compared to the Bitcoin technology. While BTC functions as a peer-to-peer electronic payment system, Ethereum uses smart contract protocol to execute conditions which might apply to various industries.
The flippening shows the competitive nature of the crypto industry and the unsuitability of BTC to every project which may not make it a focus for attention for long.
Is it feasible in the near future? By 2020?
Bitcoin took 4 years and 3 months for its value to reach 1 billion, but the Ethereum network seemed to hit that mark in 8 months. According to Vitalik (Ethereum creator), the freshness to mine into the crypto space and the fastness of Ethereum enabled is what enabled it to grow more rapidly than bitcoin. According to him by the year 2020, bitcoin and ether might have the same worth; with a market cap of about $1,137,500,000,000.
Bitcoin popularity is what has caused it to sustain its market dominance but there other numerous projects out there that are more valuable, cheaper and faster. Such Altcoins will feasibly replace bitcoin due to the following;
§ Other underdog altcoins that have a better code are expected to market and brand themselves well. For instance, Litecoin and NEO have a better utility scale while Ethereum has outstanding smart contacts applicable to various companies.
§ An unknown new entrant like Amazon may emerge and bring a new utility function blockchain technology while abuses and frauds continue to escalate on BTC blockchain.
All-in-all, as crypto-lovers, we will need to watch how the crypto industry behaves in the near future.