- Benjamin Cowen slams ETH “Flippening” narratives passed around since the Merge.
- The crypto analyst calls the narrative fun but continues that price action is king.
- Both BTC and ETH posted their all-time highs in 2021 but have struggled to replicate the performance since then.
Crypto analyst Benjamin Cowen slams the long-time narrative that ETH will someday flip BTC as the top-ranking cryptocurrency. In a Twitter post, he says that the “Flippening” narrative gets passed around a lot, more so following the merge.
The merge, a historic event in the journey of the Ethereum blockchain, transitioned the blockchain from a proof-of-work to a proof-of-stake blockchain. However, before the event in September, many ETH maxis believed the merge could be a positive catalyst for ETH to topple BTC.
Benjamin said that since the merge, ETH has posted lower highs and lower lows. The analyst added that “narratives are fun, price action is king.”
ETH, the second largest cryptocurrency by price and market cap, recorded its highest-ever price of $4,141 on May 10, 2021. Since then, the cryptocurrency, like most others, has struggled to hit such performance again. Worse, the crypto winter further added to the decline in price, with widespread FUD amid institutional collapse and general market decline.
BTC’s price reached an all-time high in 2021, as values exceeded 68,000 USD in November 2021. That particular price hike was connected to the launch of a Bitcoin ETF in the United States, while others in 2021 were due to events involving Tesla and Coinbase.
Tesla’s announcement in March 2021 that it had acquired 1.5 billion U.S. dollars’ worth of the digital coin, for example, and the IPO of the U.S.’ biggest crypto exchange, fueled mass interest. Additionally, the several economic stimuli introduced worldwide also influenced the price of these cryptocurrencies.
Data from CoinMarketCap show that BTC is exchanging hands around $29,806 after adding 2% in the past 24 hours and 0.99% in the last seven days. Likewise, ETH is trading at $1,862, a 1.89% gain in the past 24 hours and 0.41% in the previous seven days.
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