The Flippening (Ethereum vs. Bitcoin)

What is "The Flippening"

The term Flippening refers to the possibility of Ethereum (ETH) overtaking Bitcoin (BTC) as the biggest cryptocurrency. Initially it described the hypothetical moment in the future when Ethereum overtakes Bitcoin by market cap. This tool takes that concept a step further and looks at the long term trend of eight different metrics, that show the status of both networks.

What do the metrics show?

The Flippening Index
The overall Flippening Index shows the average of all the Flippening Metrics below

Market Cap
The Market Cap Flippening shows the percentage of the Ethereum market capitalization in relation to the Bitcoin market capitalization. Source: Coingecko

Active Addresses
Active Addresses are the number of unique addresses that send or receive a transaction in a given week. Since ETH addresses tend to get used more than once while in Bitcoin it's good practice to use a different address for every transaction, the Bitcoin numbers are inflated and thus the metric disadvantages Ethereum. Source: Coinmetrics

Transaction Count
The Transaction Count shows the relation of total onchain transactions that happen on the network. (100% means Ethereum has flipped Bitcoin in that metric) Source: Coinmetrics

Transactions Volume
The total amount of USD that gets sent over the network. Note that it only compares ETH transfers with BTC transfers. With Token and Stablecoins transfers Ethereum is way above 100%. Source: Coinmetrics

Trading Volume
The adjusted exchange trading volume for BTC and ETH. Source: Coingecko

Total Transaction Fees
The total USD value of fees paid to make a transaction on the network. (100% means Ethereum has flipped Bitcoin in that metric) Source: Coinmetrics

Node Count
The number of public reachable nodes. Source: bitnodes.io / ethernodes.org

Google Search Interest
How often do people search for 'Bitcoin' vs. 'Ethereum' on Google. Source: Google Trends