Ethereum vs. Bitcoin: The Flippening Index and how ETH already outperforms BTC in 3 out of 8 metrics
ETH 2.0 Genesis Stakers have ensured for the second time this year that the total number of Ethereum nodes exceeds that of Bitcoin. This means that Ethereum already by Crypto Investor exceeds Bitcoin in 3 out of 8 metrics that measure the flipping potential of number 2 against the leading crypto currency.
According to Ethernodes.org there are currently 11,259 Ethereum nodes active. This means that Ethereum counts about 1% more nodes than Bitcoin with 11,136 nodes. The number of Ethereum nodes exceeded the number of Bitcoin nodes most recently in early September.
Ethereum versus Bitcoin in the fast lane
According to the Blockchain Centre’s „Flippening“ index, which is intended to reflect the strength of the Ethereum network compared with Bitcoin, the index rose from 50.5% to 62.4% during the course of November.
According to the index, the number of nodes is now the third important on-chain metric, after the number of transactions and transaction fees, where Ethereum has currently overtaken Bitcoin.
Etherscan estimates that Ethereum processed almost 1.2 million transactions the day before. In the same period, Bitcoin processed 300,000 transactions. In addition, the second largest crypto currency in terms of market capitalisation generated $3.6 million in transaction fees processed, compared to almost $1.4 million for Bitcoin.
The Flippening Index estimates that Ethereum reached a two-year high of 67.68% against Bitcoin in early September due to the DeFi boom in the third quarter. The tool looks at the long-term trend of eight different metrics showing the status of both networks:
- Market cap
- Active addresses
- Number of transactions
- Volume of transactions
- Trading volume
- Total transaction fees
- Node number
- Interest in Google search
However, currently on 1 December at 11 a.m., the flipping index measures only 38%. As the flipping index shows the average of all metrics listed above, this also means that Ethereum still outperforms Bitcoin in 38% of the metrics.