A new metric from German language site The Blockchain Center suggests that the long-awaited "flippening" —  where Ethereum overtakes Bitcoin — is more than halfway complete.

The newly created Flippening Alphabetize currently stands at 53.iii%. Backtested, it shows this is the first time the index has topped 50% in xviii months — the highest point since March 2022, when it was around 56.ii%.

Of course, this latest version of the "flippening" has completely altered the traditional definition. It originally referred to Ether's market cap relative to Bitcoin, but given Ether is currently at merely xiv.9% of Bitcoin's market cap, information technology however has quite the mountain to climb.

Flippening Index

A more thorough comparison

The Flippening Alphabetize (which shares some features with the at present-defunct Flippening Scout) is designed to exist a more thorough comparison, weighting the boilerplate of eight other indicators to hopefully provide a better overall metric of the use of, and involvement in, the two blockchain networks. The site says:

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

On Reddit, the Blockchain Middle'due south Holger Rohm who designed the metric, explained why he'd simply weighted all the metrics:

"I thought about weighing market cap twice, since that'southward what information technology was all about initially, just how should I counterbalance without it being arbitrary?"

Ethereum leads on 2-and-a-bit indicators

Ethereum leads on just 2 of the eight indicators — transaction count and transaction fees. While it lags behind Bitcoin with 37.viii% of BTC's dollar-denominated transaction book, the site notes that Ethereum would be "way ahead" if the metric included the value of ERC-20 tokens and stablecoins transferred on the network.

Ethereum has 56.4% of Bitcoin's active addresses, just nether one third of the exchange trading book, and merely 10.4% every bit many Google searches every bit Bitcoin.

Ethereum also has two thirds every bit many nodes as Bitcoin — which excited at least 1 member of the Ethereum subreddit, /u/SuddenMind, who said node count is something "we can flip today! Seriously we but demand a couple thou people more to run a node. Let'southward get a entrada started!"

The majority of the data for the site is sourced from CoinGecko and Coin Metrics.