Ethereum was once close to ‘Flippening’, but Bitcoin is now far ahead

Ethereum (ETH) was about to pass Bitcoin (BTC) in total value years ago. Many investors were convinced the following years that it would only be a matter of time before the Altcoin Bitcoin would knock off the throne. Now you don’t hear anyone about that anymore, and the gap between the two coins is larger than ever.

Almost a new crypto king

In June 2017, Ethereum came nastyly close. Market capitalization (the total value of all circulating ether) tapped $ 36.8 billion in the mid -month, only $ 17 percent below 44.3 billion dollars from Bitcoin. The Ethereum course was then around 400 dollars, while Bitcoin then changed ownership for around $ 2,700.

The ico madness was the big driver. In 2017, more than $ 7 billion flowed to new coins, almost all of them on the Ethereum network. That was four times more than the money that went in crypto shares. It is therefore logical that the demand for ETH exploded.

Then Bitcoin stole the show again. In the remainder of 2017, Ethereum rose by roughly 200 percent, while Bitcoin went up with more than 600 percent.

Nevertheless, the term ‘flipping’ remained, referring to the historic moment that Ethereum and Bitcoin would ‘flip’, hang under investors.

Institutes push Bitcoin further

Ethereum never came as close to Bitcoin afterwards as in 2017. Yet during the 2020-2021 Bullmarkt, optimism arose among investors that a catch-up was ultimately inevitable.

Now that is different. The momentum has been entirely with Bitcoin for years and the gap between the two is larger than ever. The current Bullmarkt has so far been largely driven by institutional investors. And almost all of them opt for Bitcoin like the digital gold.

The American spot stock exchange funds have received dozens of billions of dollars since their entry last January, and recorded after record on the traditional ETF market.

Large companies are getting a little extra on it. Only Michael Saylor’s strategy already bought BTC for more than 16 billion dollars this year. Names such as Metaplanet and Twenty One Capital (from Jack Mallers) have also pumped billions into the largest coin.

Ethereum has barely been able to go on that institutional wave, and was left behind.

ETH/BTC keeps falling

The relationship between Ethereum and Bitcoin has been sinking almost continuously for three years. Since December 2021, ETH has been supplying compared to BTC. In other words: with one ether you buy fewer and fewer bitcoins.

And that does not only apply to ETH, but to almost all altcoins. You rarely hear the term ‘flipping’. Investors are more likely to wonder whether Ethereum can put down a new all-time high at all. Because the last record dates back to November 2021, with a course of around 4,900 dollars.

Bitcoin has already surpassed its record from 2021 by more than 60 percent, while Ethereum has not even come close.