Bitcoin’s market share has risen to the highest level since it began falling in 2017, standing now at 68% for the first time since March 2017.
That’s when ethereum attempted the flippening, which it almost achieved in June 2017 when eth was around 32%, while bitcoin stood at 38% of all cryptocurrencies and tokens.
Since then, however, ethereum’s market share has only been down, now standing at just 8%, with the flippening so becoming the deflippening.
One eth has to be worth ₿0.177 for it to overtake bitcoin’s market cap, but the ratio has fallen below ₿0.02. So we may well see ₿0.0177 before ₿0.177 per eth.
That’s as bitcoin has managed to both retain its value better and gain more value than eth, crossing $12,000 today before what looks like a mini-correction at the time of writing.
That red candle there is America waking up at around 12PM London time or what would be 7AM in New York.
It is also close of business for China, 7PM in Shanghai, where a somewhat brutal sell-off of Shanghai stocks continues, down from 2960 to a brief recent low of nearly 2700 for the Shanghai Composite index.
Amidst all of these movements in global markets and politics, bitcoin has come out as a big gainer and primarily bitcoin, rather than cryptos in general.
That’s probably because if you’re hedging stocks and maybe even fiat, then arguably you wouldn’t have much reason to go beyond bitcoin, unless you want to hedge bitcoin itself with eth or other cryptos.
As bitcoin’s dominance continues to rise, less and less are doing the latter, with the first cryptocurrency being for many where this entire space begins and ends.