Crypto Analyst on Twitter Slams ETH “Flippening” Speculations

• Benjamin Cowen slams ETH “Flippening” narratives handed round because the Merge.
• The crypto analyst calls the narrative enjoyable however continues that value motion is king.
• Each BTC and ETH posted their all-time highs in 2021 however have struggled to duplicate the efficiency since then.

Crypto analyst Benjamin Cowen slams the long-time narrative that ETH will sometime flip BTC because the top-ranking cryptocurrency. In a Twitter submit, he says that the “Flippening” narrative will get handed round lots, extra so following the merge.

The merge, a historic occasion within the journey of the Ethereum blockchain, transitioned the blockchain from a proof-of-work to a proof-of-stake blockchain. Nevertheless, earlier than the occasion in September, many ETH maxis believed the merge might be a constructive catalyst for ETH to topple BTC.

Benjamin stated that because the merge, ETH has posted decrease highs and decrease lows. The analyst added that “narratives are enjoyable, value motion is king.”

ETH, the second largest cryptocurrency by value and market cap, recorded its highest-ever value of $4,141 on Might 10, 2021. Since then, the cryptocurrency, like most others, has struggled to hit such efficiency once more. Worse, the crypto winter additional added to the decline in value, with widespread FUD amid institutional collapse and basic market decline.

BTC’s value reached an all-time excessive in 2021, as values exceeded 68,000 USD in November 2021. That individual value hike was related to the launch of a Bitcoin ETF in america, whereas others in 2021 have been as a result of occasions involving Tesla and Coinbase.

Tesla’s announcement in March 2021 that it had acquired 1.5 billion U.S. {dollars}’ price of the digital coin, for instance, and the IPO of the U.S.’ largest crypto trade, fueled mass curiosity. Moreover, the a number of financial stimuli launched worldwide additionally influenced the value of those cryptocurrencies.

Knowledge from CoinMarketCap present that BTC is exchanging fingers round $29,806 after including 2% previously 24 hours and 0.99% within the final seven days. Likewise, ETH is buying and selling at $1,862, a 1.89% acquire previously 24 hours and 0.41% within the earlier seven days.