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24 March 2023
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Bitcoin price bouncing, Ethereum dreams of flippening

The price of bitcoin after yesterday’s decline, is rebounding today and returns above $ 46,000, with a gain of about 2% over 24 hours.

Yesterday, BTC had suffered a decline, falling to under $ 44,000. $ 44,000 is proving to be an effective support for BTC which is now aiming to break through the $ 47,500 resistance.

If this happens, it is likely that bitcoin will soon be able to return to $ 50,000, a value that has now been missing since mid-May.

Probably pushing the price of BTC higher again is the fact that Argentina could follow the example of El Salvador and make it legal tender.

It would be important news since unlike El Salvador, Argentina is much larger and is one of the main countries in Latin America.

Ethereum analysis

Even Ethereum returned to positive, with a gain of 3% and the price that is reported above $ 3,200. Yesterday Ether briefly dipped below $ 3,000 again.

The London upgrade is also driving the price of Ether , a further step towards the change of consensus mechanism from Proof of Work to Proof of Stake. This step is attracting more and more investors’ attention. It is no coincidence that dominance has risen a step away from 20%. 

According to a recent Finder research, Ethereum could reach $ 4,500 by the end of the year, thus surpassing the previous record of $ 4,300.

The research takes into account the opinion of 42 crypto experts. It is curious that 68% of respondents are certain that the flippening will take place soon , i.e. Ethereum will overtake Bitcoin as the first cryptocurrency by market capitalization.

However, there are no unanimous opinions on when this will happen. A quarter of the interviewees assume 2023, while 15% assume 2022, and the same number in 2025. But there is also a 32% that the flippening will never happen.

In fact, Ethereum is starting to become deflationary, a bit like Bitcoin. But, explains Anthony Pompliano in a laconic tweet , Ethereum is not Bitcoin.

He received the reply from Charles Hoskinson , CEO of IOHK, behind the development of Cardano, as well as founder of Ethereum:

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