Ethereum's price surge to $4,300 coincides with a decrease in Bitcoin's market dominance, raising questions about an imminent "flippening" event.
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In a recent development, Binance, Coinbase, and Bitstamp moved approximately $160 million worth of Ethereum (ETH) to Galaxy Digital within an hour, signaling strong interest in the altcoin [1]. This transfer comes as Ethereum surpassed the $4,300 mark, reaching a new high, and currently trading at $4,298 at press time [2].
The surge in Ethereum's price has led analysts like Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, to suggest that this growth indicates a growing willingness among investors to move beyond Bitcoin and Ethereum into riskier assets [3]. Enzersdorfer-Konrad's statement supports the view that last week's altcoin surge shows investors are increasingly venturing into the world of altcoins.
However, Bitcoin's market dominance still stands at 60.74%, indicating that the original cryptocurrency continues to hold a strong position [4]. This dominance is largely due to Bitcoin's status as the original, widely adopted digital store of value and strong institutional interest [5].
Despite Ethereum's recent gains, experts do not predict a "flippening," with Ethereum possibly surpassing Bitcoin in value within the next year. As of August 2025, the current prediction indicates that Ethereum has not yet flipped Bitcoin as the leading cryptocurrency by market capitalization [6]. Bitcoin remains dominant with a market cap around $2.36–$2.37 trillion, while Ethereum is roughly at $435–$513 billion, maintaining a significant gap.
Ted Pillows, a partner at OKX, projects a rotation pattern where Ethereum breaks its All-Time High (ATH) and triggers a mini alt season, followed by capital rotating into Bitcoin aiming for $140K [7]. This rotation pattern implies that Ethereum could reach a new All-Time High (ATH) and trigger a mini alt season, but Bitcoin's dominance may reassert itself after this brief market phase.
Joao Wedson, Founder & CEO of Alphractal, believes that the "real Altcoin Season" hasn't started yet and predicts a flow of smart money from Bitcoin to Ethereum, then to Top Caps, and finally to Mid & Low Caps, which could last until November [8]. This prediction suggests that the altcoin market may see renewed growth in the coming months, with investors shifting their focus from Bitcoin to Ethereum and then to other altcoins.
Glassnode data shared by analyst Ali Martinez revealed Ethereum's Net Capital Change outpacing Bitcoin's, further indicating the growing interest in Ethereum [9]. Several altcoins, such as Hyperliquid, Monero, and XRP, have demonstrated strong year-to-date performance in 2025, with gains ranging from 13% to over 80% for some tokens, signaling potential renewed investor interest beyond the top two coins [10].
Ethereum upgrades like Dencun and the anticipated Pectra enhancement aim to improve speed and reduce fees, which can bolster the broader DeFi ecosystem and altcoin activity on its platform, potentially supporting an altcoin rally [11].
In summary, although Ethereum remains the leading smart contract platform and continues to make technical strides, it has not yet overtaken Bitcoin in market cap. Altcoin season signs include strong performance from various altcoins and ongoing network improvements that enhance blockchain utility, suggesting growing momentum but not a definitive flippening event yet. The CMC Altcoin Season Index currently has a reading of 38/100, indicating a market still leaning towards Bitcoin despite Ethereum's recent gains.
References: 1. Cointelegraph 2. CoinMarketCap 3. Bitpanda 4. CoinMarketCap 5. Investopedia 6. CoinDesk 7. OKX 8. Alphractal 9. Hacked 10. CoinMarketCap 11. Ethereum Magician
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