Crypto glossary
Flippening
The flippening is the hypothetical moment when Ethereum's market capitalization overtakes Bitcoin's, making ether the largest cryptocurrency by value.
The term describes a reversal of the crypto market's long-standing order, with ether (ETH) replacing bitcoin (BTC) as the asset with the highest total market value. It gained traction in 2017, when the ICO boom drove fast growth in ether's price and its market cap came within reach of bitcoin's before falling back.
Trackers compare the two networks using the ratio of their market capitalizations, the ETH/BTC price ratio and measures such as bitcoin dominance. The idea has also been borrowed for other rivalries, for example when commentators talk about one blockchain flipping another in fees, transactions or DEX trading volume. In ordinary usage, though, the flippening still refers to Ethereum and Bitcoin.
The flippening has never happened, and opinions on whether it ever will divide sharply along community lines. Market capitalization itself is an imperfect comparison, because the two networks have different supply rules and serve different purposes.
Example
If ether's market capitalization were 1.2 trillion USD while bitcoin's were 1.1 trillion USD, commentators would say the flippening had occurred.
