I know, I know. The Flippening is a pretty controversial idea in this space. There are opinions on two extremes of the spectrum, some bringing up the fact that BTC has been trending in the high 70-80% for most of crypto history and others mentioning the recent alt coin craze and the increasing concerns over the high environmental costs of mining when it comes to PoW protocols.
In fact, just yesterday Elon tweeted about that very issue and set off a mass dumping of BTC. Funny enough, ETH and other alts also experienced a bit of a drop, with alts like XLM and VET hitting double digit 24H price changes.
If you're unfamiliar with the term Bitcoin Dominance, it is just one (of many) measures of technical analysis on the crypto market.
Bitcoin dominance measures the percentage of total market cap that is comprised of BTC, and as of this press time, Trading View has it at just 42.2%. That is certainly something to watch out for.
Now it is worth mentioning that the crypto market as a whole hasn't been around long enough to have reliable historical data to reference from, but I believe it is also worth mentioning that the all time low was 32.81% on January 14, 2018 (from CoinMarketCap). The market has grown exponentially since then and we are seeing projects being adopted for real-world use by governments and huge global corporations. We are, in my opinion, in a different beast of a market now.
ATL from Jan 18- 32.81%. Are we headed for a new ATL?
Ultimately, I have to admit I haven't been able to reach a strong stance on this. I think that BTC has an extreme first comer advantage as well as enjoying fame amongst crypto laymen and the general public. That certainly goes a long way and we can't discount that. It is the "golden poster child" of cryptocurrency, for better or for worse.
However, we are in a political era more focused on a "do no harm" environmental policy approach, and BTC's PoW may just be its downfall. With so many amazing alt coin projects coming out on the ETH network using protocols that are more scalable and more efficient than ever, I have to say I'm rooting for it happening.
I'd like to hear your opinions on whether or not this could be the beginnings of the "Flippening", please let me know in the comments below!