The mighty alternative to challenge Bitcoin as of late is called Ethereum, a cryptocurrency that's been around for just under two years. If you've been partaking in the Internet at all lately, you've probably found mention of the hot new currency unmissable. Many have begun wondering how they can dive in and strike it rich with Ethereum (including those who avoided the Bitcoin bandwagon entirely), and that's beginning to show in the currency's market valuation.
Credit: Coinmarketcap - click for high res
As with all currencies, cryptocurrencies are at the mercy of market volatility, and can often exhibit sporadic peaks and valleys. We can see in the chart above that Bitcoin has been extremely dominant over the past few years, but around February or March, an obvious decline began to occur. At around the same time, the valuation for Ethereum began to grow significantly, and now both currencies are on a trajectory to the point where they will have market cap parity and a possible turning of the tables.
Branded "The Flippening" by those who follow this market closely, it would be a truly amazing shift in market forces.
A breakdown of the current status of both currencies can be seen below:
As of the time of this publication, Bitcoin's market cap hovers around $42.4 billion, with Ethereum not too far behind at $34.6 billion. Also notable are the number of transactions conducted daily; Bitcoin doesn't have that great of a lead. Given that, along with the incredible growth of Ethereum, it seems very likely that all relevant numbers and momentum will be working in its favor for the foreseeable future. It might just be time to hop on this bandwagon and enjoy the ride, for however long it lasts.