For Ethereum, the second-tier cryptocurrency by market capitalization, things are going from good to better.
Bitfinex CTO, Paolo Ardoino Today, it was tweeted that both spot and perpetual volumes for Ethereum have been consistently higher than for Bitcoin in the past few days.
– Paolo Ardoino (@paoloardoino) August 4, 2020
Ardoino's screenshot showed a 24-hour spot volume for Ethereum of $ 60.9 million versus $ 46.9 million for Bitcoin. Similarly, the volume for Ethereum's perpetual swaps was well above that for Bitcoin.
The Ethereum Flippening is back on the agenda
Comparisons between the two inevitably lead to talks about flipping, suggesting a hypothetical situation in which Ethereum is adopting Bitcoin as the largest cryptocurrency by market cap.
"Reality: BTC and ETH could complement each other, and asset diversification reduces risk."
Bitcoin is the most decentralized and most resistant to censorship and offers security. In comparison, Elliot sees Ethereum as a provider of programmable value and benefits.
In conclusion, he said that both can win.
Still, most take a more reductionist stance, and with the explosive growth of decentralized funding, turning around is a real possibility.
The Blockchain Center was recently released The Flippening Indexlooking at eight weighted metrics to get an overall score for flipping.
The current graph shows that Ethereum is 54% of the way to turn Bitcoin.
Currently, Ethereum Bitcoin only beats on two of the eight metrics, namely total transaction fees and number of transactions.
But if the developers make great strides in the introduction of ETH 2.0, will the flippening index increase significantly in the coming months?
ETH 2.0 Staking Testnet is live
Today marks a milestone in the transition to Ethereum 2.0 as the Medalla test network goes live.
This is the need for this to work smoothly, core developer, Danny Ryan said the test network should be treated by validators as if it were a mainnet start.
“Remember that the vast majority of validators in the Medalla test network are operated by you, the community. We rely on you to treat this as a dress rehearsal for the start of the mainnet. Let your nodes run early, keep an eye on the performance of your validator and keep an eye out for critical updates to your customer's software. "
In a way, the message addresses concerns about delays in the introduction of ETH 2.0.
Aaron Schreibman believes that after the launch, the narrative that cryptocurrencies are not legitimate investment vehicles will be turned upside down.
"Let's assume a simplified case in which each Ethereum purchased is used forever. It looks like a financial asset with a future flow of cash flows."
Schreibman noted that the lack of income generation is an obstacle to traditional investor acceptance. However, investing in Ethereum will force these investors to rethink their options. Schreibman further states that this is a potential catalyst for the acceleration of the folding.
While Elliot rightly says both can win, Bitfinex users are voting on their money for now by preferring the utility to security.