As the price of Etheruem is significantly down since the beginning of the year 2022, Ethereum bulls are really starting to think will the second-largest cryptocurrency is still worthy. Clearly, Ethereum is not following the path which was imagined by the bulls.
Talking about the price actions, this is the second time since mid-2015, which was the time of its launch, that it is trading lower in the month of January. For those who are unaware of what the bulls imagined for Ethereum, they envisioned a capable event which is called flipping. Flippening refers to an event when Ethereum would be able to surpass Bitcoin in terms of market capitalization and become the leader of the crypto industry.
As of Wednesday, the market capitalization of Ethereum was roaming around $366 billion whereas the market capitalization of the largest cryptocurrency Bitcoin was around $782 billion. This situation clearly implies that Ethereum still has a long way to go before we can assume that it may be able to flip Bitcoin.
Etherum Bulls Await the Update
For surpassing the market capitalization of Bitcoin, Ethereum needs to more than double what it is worth right now, which, looking at the current market scenario does not seem possible.
What contributed more to the gap between the market capitalization of the two largest cryptocurrencies is the 20% fall in the price of Ethereum. Though we are not denying the fact that Bitcoin also slumped, it managed to slip only 10% in the same time frame.
Well, Ethereum enthusiasts are waiting eagerly for the upcoming upgrade of Ethereum to the proof-of-stake consensus mechanism in the year 2022. This will certainly be a drastic transformation as Ethereum is already home to over 3,000 dApps.
However, we must also lay an emphasis on the fact that Ethereum’s update to PoS has already been delayed from back in the year 2019. It is supposed to happen in the month of June this year, but there is no guarantee backing it. Don’t worry, we’ll keep you updated.
