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'Wen Flipping?' ETH Bulls Aim To Takeover Bitcoin
Ethereum is surging as the anticipation of the merge it’s about a month away. The massive years-in-the-making upgrade for Ethereum is set to dramatically improve its efficiency while reducing its environmental impact and the price is reflecting such. Ethereum is currently trading at $1,578.54, which is down 5.5% in the past 7 days but up 47.5% in the past 30 days with the Crypto community asking ‘wen flippening?’ across social media. ‘Wen Flippeining’ is referring to Ethereum overtaking the world’s biggest cryptocurrency. At the time of writing, Ethereum’s market cap market value of around $189 billion, according to coingecko.com, which is less than half of Bitcoin’s $437 Billion, respectively. Although the bridge seems far at the moment, the Ethereum community is looking at the ongoing trend instead of the current numbers. In January of 2021, Bitcoin’s dominance over the crypto market was 70%, according to coingecko.com, which has currently dropped down 40%.
One of the most vocal advocates of Ethereum’s push for the ‘flippening’ is Macro Investor Raoul Pal. In recent interviews, Raoul has stated that while Bitcoin is a great store of value, Ethereum is the money of the internet, with its utility across several communities within the crypto market. Tiffany & Co., the American Jewelry Brand, announced the launch of its new NFT collection, “NFTiff,” slated for August 5th release. The release can potentially go down as the most expensive public sale of NFTs in history, all priced in ETH. Each NFTiff is worth 30 ETH (over $50,000), which includes the cost of the NFT, the custom pendant, the chain, and shipping/handling which drives the point of Raoul’s sentiment for Ethereum usage. While Raoul might be one of the most vocal advocates, he’s not the only person sharing this sentiment. Quantum Economics Founder and Chief Executive Officer Mati Greenspan commented on the ‘flippening.’ Greenspan commented, “Even though there’s no guarantee this will ever happen, just looking at the numbers, it does seem like this event is getting closer by the day.” Joe DiPasquale, CEO of BitBull Capital, which manages cryptocurrency hedge funds, also commented, stating “We do like Ether, and we think it’s a major differentiator.” DiPasquale continued, “Bitcoin has been the hundred-pound gorilla, but Ether is really the other hundred-pound gorilla. Everything else trails behind.”
Analysts and pundits are anticipating bullish on Ethereum as we approach the merge, and while there are many who are eager for Ethereum’s upgrade, it doesn’t come without risk. Mati Greenspan also comented, “The Merge itself is an extremely risky event and any number of things can go wrong.” Greenspan continued, “As always in the markets, higher risk can equate to higher returns. And they don’t call it risk because it’s fluffy and safe.”
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