Is the flippening upon us? Ethereum (ETH) advocates, citing block explorer Etherscan, claim ETH passed bitcoin core (BTC) by reaching 35 million unique addresses, a doubling in something like five months, averaging reportedly 100K a day. The last available figures for BTC addresses had them at roughly 25 million as of spring this year. ETH enthusiasts are insisting this is a positive step in the march to eventually snatching the number one coin spot.
Flippening Close or Just Hopeful Hype?
Hopeful hype is starting again in pockets of the crypto ecosystem, especially among Vitalik Buterin fans and ETH followers. It’s due to their long held belief the world’s second most popular cryptocurrency by market capitalization must eventually replace bitcoin core (BTC) at the top in what’s been dubbed the flippening. Hype is arguably the best word at the moment, if only because of that pesky market capitalization: as of publication, BTC has nearly three times the market cap of ETH, and 24 trading volume seems to follow a similar ratio.
What is causing a restirring of such flippening just might be a relatively recent milestone. According to Etherscan, ETH has pulled out ahead of BTC in unique addresses, gaining at the rate of one hundred thousand per day. The number floating around is rather eye popping: 35 million uniques.
BTC stopped marking the number earlier this year for a variety of reasons, so ETH followers’ celebrations are based mostly on supposition, inference. The last figures available for BTC had unique addresses around 24 million. Still, the leap passed BTC also includes active addresses, perhaps a more profound metric when attempting to make the ETH flippening case: ETH has over 500K, BTC about 25K less…