Ethereum Is Down 85% Against Bitcoin Since The Peak Of The ‘Flippening’ Hype

Story by: Kyle Torpey

Roughly two years ago is when the great crypto bubble of 2017 really kicked off. Projects were launching tokens for everything from mobile payments to dental hygiene, and nothing more than a white paper was needed to raise millions of dollars worth of cryptocurrency via an initial coin offering (ICO).

Ethereum was the platform behind the vast majority of these token offerings, and Ether (ETH), which is the native token of the Ethereum network, was reaching all-time highs due to all of the hysteria around buzzwords like “ICO” and “smart contract.”

And then everything stopped.

The ETH price hit an all-time high against the U.S. dollar in the middle of January 2018, and according to Messari’s OnChainFX, ETH is now down 86% from that all-time high.

In terms of Bitcoin (BTC), ETH hit an all-time high in June 2017. ETH is currently down just over 85% against BTC from that all-time high, according to Coin Metrics.

In fact, ETH’s price in BTC was higher in March 2016 than it is today.

During June 2017, the theory that ETH would overtake BTC as the most valuable and popular cryptocurrency on the market also reached its pinnacle. For example, here’s a CoinDesk article explaining The Flippening, which was the name used for the hypothetical scenario where ETH overtook BTC, one day after ETH hit its all-time high against BTC.

Original story: https://tinyurl.com/y5jc4jhd

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