Ethereum is gradually outperforming Bitcoin in several metrics that point towards its complete “Flippening” of Bitcoin as the largest blockchain network.
Recent data from Messari, a cryptocurrency data insights and analytics platform, showed that Ethereum has surpassed Bitcoin in daily spot trading volume.
Ethereum Posts Over $20 Billion Volume
As Messari Researcher Ryan Watkins shared on Wednesday, Ethereum spot trading volume surpassed Bitcoin since the past month. Presently, Ethereum sees over $20 billion USD in trading volume, while Bitcoin sees less than the amount.
This record checks off one of the “Flippening” metrics that Ethereum is expected to fill before it completely outperforms Bitcoin as the largest blockchain network, as per Blockchain Center.
Following the Flippening data, Ethereum has already surpassed Bitcoin in transaction count, transaction volume, and total transaction volume. However, it has a lower market capitalization, active address, node count, and Google Search Interest compared to Bitcoin.
At the time of writing, the Flippening index reads that Ethereum is about 43.9 percent closer to overtaking Bitcoin completely. Judging by the number, the chances of Ethereum completely Flippening Bitcoin seem still relatively low, probably because the market capitalization of both coins is considered the major factor. Bitcoin has a market cap of $725 billion USD, while Ether sees $317.8 billion USD at the same time.
Most Altcoins Still Correlate With Bitcoin
Regardless of the Flippening metrics, Bitcoin still leads the cryptocurrency market. A separate data analysis from Messari also indicated that many major altcoins – including Ethereum, Binance Coin, Ripple and Litecoin – have a correlation of about 60-80 percent with the market value of Bitcoin.
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