Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,09 trillion. Bitcoin is up by over 2% to reach around $27,200. Ethereum increased by nearly 6% to close to $1,700. XRP gained almost 2% in value during a highly volatile week. Almost all altcoins are trading in the green, with virtually no exceptions. The DeFi sector maintains the total value of protocols (TVL)…
What is Flippening in Crypto?
“Flippening” is a term used within the cryptocurrency community to refer to the hypothetical future event when a digital currency other than Bitcoin (BTC) will take over as the largest by market capitalization. The term was originally coined for Ethereum (ETH), considered the most likely candidate to exceed Bitcoin’s market cap. However, it can also be applied to any cryptocurrency that might surpass Bitcoin.
How Does it Work?
The flippening is not a mechanism or a process; rather, it is a potential outcome based on market dynamics. The total market capitalization of a cryptocurrency is calculated by multiplying the total supply of coins by the current market price of a single coin. If the price of Ethereum or another cryptocurrency rises significantly while Bitcoin’s price remains stable or falls, or if the total supply of the other cryptocurrency increases faster than Bitcoin’s, the market cap of that cryptocurrency could surpass Bitcoin’s, causing the flippening.
The flippening, if it occurs, would symbolize a seismic shift in the cryptocurrency landscape. Bitcoin has been the leading digital currency since its inception in 2009, not only in terms of market cap but also in terms of its influence on the market direction. A flippening event could have several implications:
- Shift in Market Leadership: The cryptocurrency that surpasses Bitcoin would likely become the new market leader, setting the trend for other cryptocurrencies.
- Perception and Adoption: This could change the perception of cryptocurrencies, leading to increased adoption and acceptance of the leading cryptocurrency, Ethereum, or another.
- Investment Focus: A flippening might influence investor focus and strategies, potentially diverting investments from Bitcoin to the new leading cryptocurrency.
- Innovation and Development: The flippening also stimulates further innovation and development in the blockchain and cryptocurrency sector, demonstrating the viability of new concepts and technologies beyond what Bitcoin offers.
Will it Even Occur?
Predicting the flippening is challenging, as it depends on numerous factors, including technological advances, regulatory changes, market sentiment, and global economic conditions. Ethereum had grown significantly, bolstered by its smart contract capabilities, decentralized finance (DeFi) rise, and the transition to Ethereum 2.0.
However, Bitcoin also has strong fundamentals and enjoys higher recognition and adoption, especially among institutional investors. Furthermore, it has proven resilient in the face of various challenges. While Ethereum or another cryptocurrency could theoretically surpass Bitcoin, it would require a substantial shift in the current trends and market dynamics.
The flippening represents a potential tipping point in the cryptocurrency world, symbolizing the rise of a new market leader. While such an event could have significant implications, predicting if and when it might occur is inherently uncertain. As with all things related to cryptocurrency investments, it is important to stay informed, assess risks carefully, and seek advice from financial professionals.
Are Metaverse Assets Being Taxed?
The metaverse, which has gained significant traction in recent years, refers to a collective virtual shared space created by the convergence of virtually enhanced physical reality and physically persistent virtual reality. As the metaverse continues to grow and evolve, it brings forth many opportunities and challenges, one of which is the taxation of metaverse assets. This guide delves into the complexities surrounding the taxation of assets in the metaverse. The Current Landscape of Metaverse Taxation According to a PwC article,…
Best Crypto Day Trading Strategies
Range Trading Description: A cryptocurrency will often trade for a long time inside a certain range. For instance, Bitcoin traded between $8,601.40 and $10,210 for 30 days. Cryptomarket caps are small enough to be manipulated by a single big mover. If you notice these patterns, you can take advantage of them. How to Use: Pay attention to overbought and oversold zones. Overbought means buyers have saturated their needs, and the stock will probably sell off; oversold means the opposite. Chart…
How to Transfer Crypto With No Fees or With Minimum Fees
Cryptocurrency has revolutionized how we transact money, but one of the challenges many users face is the associated fees. Here's a guide to help you minimize or even avoid these fees! Understanding the Basics of Crypto Transactions Cost: Most cryptocurrencies charge transaction fees to compensate miners who confirm transactions and maintain the blockchain. These fees can vary based on the currency's design, current transaction volumes, transfer speeds, and the number of individual transactions bundled into your transfer. Some third-party services…
Ares NFT Tokenomics: Showcasing the Rarity Tiers and Investment Opportunities
More than ever before, people are getting curious about the potential of NFTs. Many projects are launching every day. But it's important to invest in projects that have a real-world impact. Ares NFT is a unique project in the NFT space that will change people's lives and offer real-world value to people. It membership is divided into Rare, Super-rare, Legendary, and Ultimate. This article reveals the depth of Ares NFT tokenomics, shedding light on the investment possibilities that await young…
Top 3 Sniper Bots That Will Change How You Trade on DeFi
Recently, there has been a surge in the popularity of DeFi and Telegram trading bots. These bots have become popular among traders looking to navigate the volatile cryptocurrency market and simplify their trading experience. By blending automation with comprehensive data and insights, trading bots assist traders in making well-informed decisions and optimizing their strategies. These bots have garnered attention from both retail investors and seasoned traders due to their accessibility and user-friendliness, all while offering advanced functionalities. They aid in…
Best DeFi Lending Platforms With the Best Rates for 2023
Introduction to DeFi Lending Platforms Decentralized Finance (DeFi) has revolutionized the traditional financial system, offering a more transparent, efficient, and inclusive alternative. Among the myriad DeFi applications, lending platforms have emerged as a cornerstone, enabling users to lend and borrow assets without intermediaries. How to Use DeFi Lending Platforms Choose a Platform: Research and select a platform that aligns with your needs. Connect a Wallet: Link a cryptocurrency wallet like MetaMask or Trust Wallet. Deposit Assets: Transfer your crypto assets…
Blockchain in Healthcare – Use Cases in Digital Health
The digital transformation of the healthcare sector has been nothing short of revolutionary. The industry has embraced technology from telemedicine to electronic health records to improve patient outcomes and streamline operations. One of the most promising technologies to emerge in recent years is blockchain. Originally designed for digital currencies like Bitcoin, blockchain's potential applications in healthcare are vast and varied. In this article, we will delve into blockchain use cases in digital health, highlighting its transformative potential. Introduction to Blockchain…
How Blockchain Technology Can Be Used In Education
Blockchain technology, most commonly associated with cryptocurrencies like Bitcoin, has been making waves in various industries due to its decentralized nature and the ability to store data in blocks linked chronologically. This makes tracing data's origins and verifying its authenticity relatively straightforward. One industry where blockchain is beginning to make an impact is education. 1. Blockchain for Student Records: The use of blockchain in education is primarily for storing and sharing academic records and credentials. The number of student records…
How to Easily Earn Crypto Rewards
The cryptocurrency world has evolved rapidly, offering numerous opportunities for individuals to earn rewards. As the crypto economy grows, there are more ways than ever to earn rewards for holding crypto, learning about crypto, or interacting with decentralized finance (DeFi) apps. This article delves into various methods to earn crypto rewards easily. 1. Staking: Staking is a process where you deposit and lock up a certain amount of cryptocurrency to support the operations of a blockchain network. In return, you…