In the world of cryptocurrency, it seems like every coin has its own community that dreams of a future where their chosen coin usurps the market cap of Bitcoin (BTC). While this dream has been around for a while, it might become a reality in the near future, given the recent resurgence in the ETH/BTC pair. The Ethereum community has long hoped that, one day, the ETH/BTC pair will overtake the ETH/USD pair as the primary indicator of Ethereum’s market value. The main reason for this is that the ETH/BTC pair has a much larger volume and better liquidity than the ETH/USD pair. The community remains divided about whether this will ever happen, but the recent surge in the value of ETH/BTC
The Ethereum price has been rising steadily since the start of the year, and this week the pair ETH/BTC even broke the 0.01 BTC level for the first time in months. The last time ETH/BTC reached this level, the Ethereum market cap was closing in on half of Bitcoin’s, leading some to wonder if it was the beginning of the “flippening”, or as some call it, the “flippening”. A flippening occurs when the market cap of one cryptocurrency surpasses the market cap of another, causing cryptocurrency dominance rankings to swap the order of the rankings. Before Ethereum’s price rise, the market cap of Ethereum was trailing that of Bitcoin by a significant margin.
Bitcoin, and the entire cryptocurrency market, suffered a major setback on the 29th. Small losses in April as the market approaches the expiration of $4.2 billion in options contracts (BTC).
Data from Cointelegraph Markets and TradingView shows that the price of bitcoin has fallen since it peaked above $56,400 on the 28th. April is down over 6% and is back at the $53,000 support level, while Ethereum (ETH) continues to trade above $2,700.
4 hour chart BTC/USDT. Source: TradingView
Despite the market lull, signs of greater cryptocurrency integration continue to appear almost daily. Earlier today, Coinbase announced that users can now purchase up to $25,000 worth of cryptocurrencies per day through their PayPal account.
And it’s not just financial institutions using blockchain technology to achieve financial goals. The Ethiopian government has announced a partnership with Input Output Hong Kong (IOHK), the research and development arm behind Cardano (ADA). The goal of this new partnership is to use blockchain technology to modernize the education system.
ETH/BTC starts to exceed
While bitcoin continues to struggle below the $55,000 resistance level, the ETH/BTC pair has begun to climb higher, which was predicted by many analysts, including Real Vision CEO Raul Pal. The upward movement in the ETH/BTC pair has also sparked talk that the price of Ether will soon surpass BTC.
Chart 4 hours ETH/BTC. Source: TradingView
According to Elie Le Rest, partner at digital asset management firm ExoAlpha, Ether has been gaining ground on Bitcoin since late March, and the upcoming update, which includes EIP 1559, is seen as a strong catalyst for ETH’s recent rise.
This increased momentum is a signal to The Rest that the market may be in a rumor and news-selling pattern that could drive the price higher ahead of the release of the 1559 PIE in July.
The rest said:
Overall, this update to Ethereum is closer to ETH 2.0, with features such as moving from a proof-of-work chain to a proof-of-stake chain, including a burn-in fee mechanism. These upcoming features are a great incentive for investors and allow ETH to rally strongly against BTC, but it is still very early to see a resurgence of flipping.
Several altcoins followed
The drop in the price of bitcoin weighed on the broader crypto-currency market on Thursday, with most altcoins suffering smaller losses.
Daily indicators for the crypto-currency market. Source: Coin360
Notable exceptions to the decline include Syscoin (SYS), which rose 45% to $0.50, and smart-chain-based lending platform Binance Venus, whose XVS token rose 30% to $97.90, a dollar below its all-time high.
Waves (WAVES), a versatile blockchain platform, also rose 20%, taking the token to a new record of $23.43.
The total cryptocurrency market is now $2,035 billion and bitcoin’s share is 48.8%.
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