A theoretical event where Bitcoin is supposed to lose its dominance over the crypto market is known as flippening. This is a completely hypothetical situation and represents a massive potential for disruption within the crypto space. This term came into existence in 2017 when crypto enthusiasts started to speculate about the rise of an emerging coin that could be a potential challenge to Bitcoin.
Ethereum was believed to be that challenger. This further increased when bitcoin underwent a sharp drop in prices in 2018. This indicated that the theory might come true, making Ethereum overthrow bitcoin. However, to achieve this phenomenon of flippening, the challenger coin must surpass the market cap ratio of bitcoin. The market cap ratio of a crypto asset is the number of coins multiplied by the value of individual coins. This market cap ratio is quite dynamic and might vary from time to time due to several reasons.
Given the current scenario, Ethereum is one of the strongest contenders to conduct the flippening. However, its market cap is way smaller than that of bitcoin. Although Bitcoin’s functionality is super simple and linear as compared to that of Ethereum offering a wide range of technological innovations, Bitcoin was the first crypto asset to come into existence and is the most popular among them all. All these reasons make the flippening all the more theoretical as bitcoin is expected to dominate the crypto market for a long time to come.