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Flippening index reaches 67.7% as Ether USD transfer volume exceeds BTC

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The Flippening index has garnered more points as Ether USD transfer volume recently surpassed that of Bitcoin, the largest cryptocurrency by market cap. The index tends to show the chances Ethereum crypto has to surpass Bitcoin as the largest cryptocurrency in time to come, by comparing many factors. Following Bitcoin’s market cap, however, it remains uncertain how soon this can become a reality. 

Ether USD transfer volume exceeds the largest crypto

In accordance with the market data on CoinMetrics, Ether USD transfer volume on the network peaked to $3.15 billion as of September 6. However, the US dollar worth of Bitcoin transactions settled for a lower score at $2.94 billion. Reportedly, this marks the first time Ether USD transfer volume will surpass that of Bitcoin, which further strengthens claims that ETH might eventually surpass BTC as the largest crypto. 

At the time, the ERC-20 version of the popular US dollar-backed stablecoin, USDT was giving Bitcoin a hot chase. The dollar worth of USDT transactions reached $2.92 billion, according to CoinMetrics. So, Bitcoin’s USD transfer volume is only about $2 million away from USDT’s. Sometime in July, the stablecoin’s 24h daily transaction value surpassed that of Bitcoin.

How soon until Flippening (ETH vs BTC) becomes true

The growth in Ether USD transfer volume is another boost to Flippening Index. At the moment, the Ethereum cryptocurrency has reportedly won about five widely-tracked metric against Bitcoin. These include the trading volume, transaction fees, transaction count, node count, and Google search interest, raising the index rating to 67.7 percent. 

That is, Ether is having almost 70 percent of possibility of surpassing Bitcoin, per the Flippening index which reads:

“The term Flippening refers to the possibility of Ethereum (ETH) overtaking Bitcoin (BTC) as the biggest cryptocurrency. Initially, it described the hypothetical moment in the future when Ethereum overtakes Bitcoin by market cap. This tool takes that concept a step further and looks at the long term trend of eight different metrics, that show the status of both networks.”

Meanwhile, the main determining factor per se, is the Bitcoin market capitalization which is still way above that of Ether. Also, the BTC active addresses recently reached the highest point for the year at 1,120,216, surpassing that of Ether as well.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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