Bitcoin Forum

Flippening in sight? Ethereum up 5000% YTD, but bitcoin falls $400 in a day

Steadily stealing the spotlight from its senior bitcoin, ethereum crossed the USD 400 mark on Monday, as per the CoinDesk Price index.

Ethereum touched new highs shortly after bitcoin crossed USD 3,000 yesterday.

Ether, a blockchain-based asset which acts as a fuel operating the distributed application platform Ethereum, has appreciated over 5,000 percent since the start of the year and was faring at levels of USD 404, while this report was being filed.

http://livecms.moneycontrol.com/wp-content/uploads/2017/06/ether-over-5000.png

Formation of the Enterprise Ethereum Alliance (EEA), bitcoins scaling debate, rise of initial coin offerings (ICOs) and the most recent, the meeting between ethereum founder Vitalik Buterin and Russian President Vladimir Putin were among the key events that led to the rally in ether. Putin meeting Vitalik, signals that Russia might be looking to use the blockchain, giving the ether token further legitimacy.

One of the major contributors to ether's rally has been South Korea lately. Since March, demand from Korea has seen a major uptick. Currently, over 50 percent of trades are done over the Korean Won (KRW).

read more here : http://www.moneycontrol.com/news/technology/flippening-in-sight-ethereum-up-5000-ytd-but-bitcoin-falls-400-in-a-day-2303179.html

Not impossible, above all if the Bitcoin scaling debate keeps escalating and compromise solutions are boycotted.

But at least today's Bitcoin dump has not contributed to it significantly. Ethereum's price fell for almost the same percentage than Bitcoin's (5,6% vs. 6,5%). That allowed Ripple to gain ground again (in my opinion, Ripple is even worse than ETH in terms of decentralization) although they are still far away from BTC and ETH.

I guess Bitmain has something to do with the fall of the current price of bitcoin. This civil war really has put a lot of strain the bitcoin ecosystem. But I still doubt the Ethereum can overtook bitcoin. Well bitcoin bagholders are really happy seeing the price go to ATH, but the big question is can it really hold the price?

In the meanwhile, price topped $420 and now is $350.

The dump already started.

I don't think it's only Bitmain and its "UAHF" proposal. It is the generally hostile atmosphere and the difficulties to find a compromise that satisfies all parties and could avoid a chain split. So there is growing incertainty if after August we will have one Bitcoin or various chains.

As for Ethereum, also today it couldn't profit from Bitcoin's downmove. It seems for me that the Flippening is still some time ahead. But in the case of a chain split, I'm sure we will see it happen. Maybe even Ripple could "surpass" Bitcoin's market cap then (that would be particularly sad).

Will there be any significant economic usage of Ripple when or if that happens though? There is no such transaction volume existing in either Ripple or Ethereum now, I fail to see how a change in price is going to change the utility of these so-called assets, the market price of Ripple and Ethereum are arguably attributable to speculation only.

Or to put it another way, the Monero blockchain almost certainly sees far greater transaction volume backed by real economic activity than Ripple or Ethereum likely ever will, based on the fact that Monero is an inherently useful (not to mention valuable) coin. And yet Monero languishes in something like 10th place in the "market caps" leaderboard. Go figure.