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Only one coin has ever come near flipping bitcoin, round this time, eight years in the past.
In June 2017, bitcoin was within the remaining phases of warming up for a historic push to just about $20,000 by Christmas.
Altcoin costs had been wacky. Bitcoin can be flat one week, whereas cash like BitShares would soar massively, by 250%. Others, like Stratis and DigiByte, had been down as much as 50% in the identical interval.
Ethereum, in the meantime, was poised for an explosion in token tasks. One examine calculated that $7 billion flowed into ICOs all through 2017, virtually all of it going to Ethereum-based tasks. That was supposedly 4x greater than the fairness investments into crypto firms throughout the identical interval.
The worth of ETH rose as traders piled into coin choices by way of Ethereum’s native token. And on June 12, the market cap of ETH got here inside 17% of surpassing bitcoin’s: $36.8 billion to $44.3 billion.
Had bitcoin stayed flat, ETH would’ve solely wanted to leap from $400 to $470 to slip into the No. 1 spot.
This banger from the New York Time was printed days earlier.
However it might by no means be: BTC and ETH each fell by 60% over the subsequent month, previous a 10x pump by way of the top of the bull marketplace for BTC — however solely a 9x for ETH. Ether by no means made the bottom again.
By late June 2017, it was changing into clear the Flippening was now not life like.
