Flippening

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แƒ’แƒแƒœแƒแƒฎแƒšแƒ”แƒ‘แƒฃแƒšแƒ˜ Jul 23, 2026

What Is the Flippening?

The flippening is a term, colloquially coined around 2017, that refers to the hypothetical moment when Ethereum (ETH) overtakes Bitcoin (BTC) in market capitalization to become the largest cryptocurrency. In other words, it describes a potential future point at which Ethereum would rank ahead of Bitcoin by total market value.

To date, the flippening has not occurred. Bitcoin has consistently held the top position by market capitalization since the creation of the cryptocurrency market, with Ethereum generally ranked second. The idea behind the term is that this ranking could potentially change if Ethereum were to grow in value faster than Bitcoin over a sustained period.

How Is the Flippening Measured?

Market capitalization is calculated loosely as the circulating supply of a coin multiplied by its current market price. Some measures exclude coins or tokens believed to be lost, which can change the figures slightly. Because both supply and price fluctuate, the gap between Ethereum and Bitcoin changes constantly.

You can track the live progress of Ethereumโ€™s market cap in comparison to Bitcoinโ€™s on The Flippening.ย 

A related metric often discussed alongside the flippening is bitcoin dominance, which tracks Bitcoinโ€™s share of the total cryptocurrency market capitalization. When Bitcoin dominance falls, it can indicate that capital is flowing toward Ethereum and other assets, which is why some observers watch it as a rough gauge of how close a flippening might be.

Why the Flippening Has Not Happened

Bitcoinโ€™s market dominance has shifted considerably over the years, and it declined noticeably during periods such as mid-2017 and early 2018, when interest in Ethereum and other altcoins rose sharply. Even so, Bitcoin has retained its position as the largest cryptocurrency by market capitalization.
Supporters of a potential flippening have pointed to factors such as Ethereumโ€™s programmability and its support for smart contracts as reasons it could eventually surpass Bitcoin. Others highlight Bitcoinโ€™s first-mover position, fixed supply, and widespread recognition as a store of value. Whether the flippening ever takes place remains uncertain, and the term continues to be used mainly as a way to discuss the relative standing of the two largest cryptocurrencies.
Learn more: Crypto Market Capitalization Explained
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