Ethereum (CRYPTO: ETH) traded 0.44% lower at $2,562.02 over 24 hours at press time.
What’s Moving ETH, the second-largest cryptocurrency in terms of market capitalization, has spiked 10.91% for the week. The apex cryptocurrency, Bitcoin (BTC), rose 4.28% in the same period.
Ethereum’s year-to-date returns have amounted to 243.94%, while BTC rose only 37.11% since the year began.
Why Is It Moving? Ethereum is nearing a network upgrade dubbed “London,” which is expected to take place on August 4.
The Ethereum Improvement Proposals or EIPs contained in the upgrade will affect miner compensation and could lead to a reduction in the circulating supply of ETH.
See Also: How To Buy Ethereum (ETH)
Meanwhile, Ethereum’s market capitalization dominance relative to the total crypto market cap continues to swell.
In August 2020, ETH dominance was recorded at 12.43%, while BTC dominance stood at 61%. As of press time, ETH’s market dominance was at 18.67%, while BTC’s was at 46.71%.
In May, institutional flows to Ethereum exceeded those of Bitcoin for the first time, as per CoinShares.
In the first half of 2021, ETH outperformed all key benchmark assets including BTC, according to a Coinbase report.
Meanwhile, the buzz around Ethereum “flippening” Bitcoin continues to grow louder on social media. Flippening refers to the hypothesis of ETH overtaking BTC in terms of market capitalization.
— Shibetoshi Nakamoto (@BillyM2k) August 1, 2021
Dogecoin (CRYPTO: DOGE) co-founder Billy Markus asked his following on Twitter when such an event is likely to take place and 30.5% answered 2023, 29.4% said 2022, while 13.7% said 2021, as of press time. 26.4% of the respondents said the flippening will never take place.