When the price of Ethereum broke the $400 mark earlier this month, the flippening looked like a sure thing. Pundits were expecting it to soon surpass Bitcoin and become the most valuable cryptocurrency in the process. However, fast forward to today, Ethereum is crashing hard while its rival is still holding well.
The price of Ethereum has dropped to around $235, bringing its market cap down to around $21.9 billion. Meanwhile, Bitcoin is trading for around $2330, and its market cap is around $38.8 billion. From a difference of less than $8 billion in market cap, Bitcoin's lead has more than doubled in just a couple of weeks.
When Bitcoin and Ethereum crashed after reaching record levels I called it a "massive correction." Looking back at the price of Ethereum that day, which was around $310, I think that "massive" was an exaggeration. What we are seeing today is far worse.
The flippening looks more and more like a distant dream at this stage. Of course, the market can always bounce back, but, for the time being, Bitcoin's spot as the number one currency is safe.
Share your views and thoughts on this matter. Which coin do you think will prevail in the long run, Bitcoin or Etherium? Which of the two coins your main holding are invested in? Feel free to post your arguments