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.



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).

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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?

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).