Are we witnessing a seismic shift in the crypto market as Ethereum inches closer to Bitcoin in market cap?

Bitcoin (BTC) and Ethereum (ETH) represent the twin pillars of the crypto market, collectively commanding nearly 70% of its total market cap.

Over time, Bitcoin evolved from a novel concept to a global financial asset, gaining traction among institutions. As of Feb. 26, BTC’s market cap is valued at over $1 trillion. 

Companies like MicroStrategy and Tesla have amassed significant Bitcoin holdings, solidifying its popularity. Moreover, the recent approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) signals growing institutional acceptance.

In contrast, Ethereum emerges as the second-largest player, with a market cap nearing $370 billion. Ethereum’s blockchain technology underpins a diverse ecosystem of decentralized applications (dapps). 

Moreover, the platform’s transition to a proof-of-stake consensus mechanism through “The Merge” in 2022 marked a crucial technological advancement aimed at addressing scalability, energy consumption, and security concerns.

The cryptocurrency community has long speculated about a potential event known as “the flippening,” where Ethereum’s market cap could surpass Bitcoin’s. Can Ethereum overtake Bitcoin in the long run?

BTC vs ETH: market cap and dominance 

Since its inception in 2009, Bitcoin has held its position as the leading crypto, dominating the market with a staggering market cap that has outstripped its competitors to date.

At the outset, Bitcoin’s market cap was a mere $1 million in early 2011, but by early 2013, it had surged to $1 billion, marking an unprecedented 1000x increase. By the close of 2013, Bitcoi

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Author: Ankish Jain

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