{
    "id": 66449,
    "date": "2026-03-30T09:19:39",
    "date_gmt": "2026-03-30T02:19:39",
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        "rendered": "Ethereum ‘flippening’ odds rise, but it won’t involve Bitcoin"
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        "rendered": "<div data-testid=\"html-renderer-container\">\n<p>Ether\u2019s (<a title=\"https:\/\/cointelegraph.com\/price-indexes\/ethereum\" href=\"https:\/\/cointelegraph.com\/price-indexes\/ethereum\" target=\"_self\" rel>ETH<\/a>) grip on the cryptocurrency market\u2019s number-two spot is weakening, not because it is getting any closer to overtaking Bitcoin (<a title=\"https:\/\/cointelegraph.com\/price-indexes\/bitcoin\" href=\"https:\/\/cointelegraph.com\/price-indexes\/bitcoin\" target=\"_self\" rel>BTC<\/a>), but because the stablecoin economy is booming. <\/p>\n<p><strong>Key takeaways<\/strong>:<\/p>\n<ul>\n<li>\n<p>Ether\u2019s hold on crypto\u2019s number-two spot weakens as Tether\u2019s growth accelerates.  <\/p>\n<\/li>\n<li>\n<p>ETH has lagged top stablecoins USDT and USDC in growth over the past five years.<\/p>\n<\/li>\n<\/ul>\n<h2>Ethereum\u2019s No. 2 ranking at risk in 2026<\/h2>\n<p>In the past five years, Ether has vastly underperformed its top competitors for the no. 2 spot, primarily Tether\u2019s stablecoin USDT (<a title=\"https:\/\/cointelegraph.com\/price-indexes\/tether\" href=\"https:\/\/cointelegraph.com\/price-indexes\/tether\" target=\"_self\" rel>USDT<\/a>).<\/p>\n<p>On a five-year rolling basis, ETH\u2019s market capitalization grew by roughly 11.75% to around $240 billion.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2026-03\/019d3922-cd8e-7850-8feb-3f145dbf9426.png\"><figcaption><em>ETH\/USD five-year market cap performance vs. USDT, XRP, and USDC. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>In comparison, USDT, the third-largest cryptocurrency, grew 622.50% in the same period, with its market cap reaching over $184 billion. Even XRP (<a title=\"https:\/\/cointelegraph.com\/price-indexes\/xrp\" href=\"https:\/\/cointelegraph.com\/price-indexes\/xrp\" target=\"_self\" rel>XRP<\/a>) and USD Coin (<a title=\"https:\/\/cointelegraph.com\/price-indexes\/usdc\" href=\"https:\/\/cointelegraph.com\/price-indexes\/usdc\" target=\"_self\" rel>USDC<\/a>) have outperformed Ether\u2019s growth.<\/p>\n<p>As a result, more traders are betting on Ethereum\u2019s flippening in 2026.<\/p>\n<p>On Polymarket\u2019s betting platform, for instance, over 59% of punters placed <a title=\"https:\/\/polymarket.com\/event\/eth-flipped-in-2026\/eth-flipped-in-2026\" href=\"https:\/\/polymarket.com\/event\/eth-flipped-in-2026\/eth-flipped-in-2026\" target=\"_blank\" rel=\"nofollow noopener\">bets<\/a> in favor of Ether losing the number-two spot in 2026. These odds were just 17% at the year\u2019s beginning.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2026-03\/019d392b-c309-77fb-9573-0fb091d38ee6.png\"><figcaption><em>Ethereum flipped in 2026 contract. Source: Polymarket<\/em><\/figcaption><\/figure>\n<h2>Why has Ethereum lagged behind Tether?<\/h2>\n<p>Ethereum and Tether grow differently because one is crypto, the other is fiat.<\/p>\n<p>Ethereum\u2019s market value depends largely on ETH\u2019s price rising, and that has been difficult to sustain in 2026 as crypto markets come under pressure from macro headwinds such as <a title=\"https:\/\/cointelegraph.com\/news\/stablecoin-supply-falls-crypto-liquidity-headwind-gold-rotation-xaut\" href=\"https:\/\/cointelegraph.com\/news\/stablecoin-supply-falls-crypto-liquidity-headwind-gold-rotation-xaut\" target=\"_self\" rel>US tariffs<\/a>, the <a title=\"https:\/\/cointelegraph.com\/news\/bitcoin-etfs-sell-off-investors-fear-weekend-escalation\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-etfs-sell-off-investors-fear-weekend-escalation\" target=\"_self\" rel>US and Israel vs. Iran war<\/a>, and fading expectations for Federal Reserve rate cuts.<\/p>\n<p>That weakness has also been reflected in institutional demand. US spot Ethereum ETFs saw assets under management fall by about 65%, dropping to $11.76 billion in March from $31.86 billion in October last year, underscoring how the appetite for ETH has decreased over the past few months.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2026-03\/019d3938-19ec-74d0-b4d7-8f5dbc880878.png\"><figcaption><em>US spot Ethereum ETF balances. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>Tether, by contrast, grows when capital flows into stablecoins and investors buy \u201ccrypto dollars.\u201d That tends to happen when traders want safety, liquidity, or flexibility instead of exposure to volatile assets like ETH.<\/p>\n<p><em><strong>Related: <\/strong><\/em><a title=\"https:\/\/cointelegraph.com\/features\/ai-and-stablecoins-winning-despite-2026-crypto-market-slump\" href=\"https:\/\/cointelegraph.com\/features\/ai-and-stablecoins-winning-despite-2026-crypto-market-slump\" target=\"_self\" rel><em><strong>AI and stablecoins are winning despite 2026 crypto market slump<\/strong><\/em><\/a><\/p>\n<p>The total stablecoin market is now worth $310 billion, compared to around $5 billion in 2020, with Tether\u2019s share at 58%.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2026-03\/019d393d-a53f-785d-b5a9-16c6682fa8ab.png\"><figcaption><em>Stablecoin market capitalization. Source: MacroMicro.ME<\/em><\/figcaption><\/figure>\n<p>Demand for this kind of \u201c<a title=\"https:\/\/cointelegraph.com\/markets\/crypto-bull-market-signal-ethereum-erc-20-stablecoin-supply-185b-record\" href=\"https:\/\/cointelegraph.com\/markets\/crypto-bull-market-signal-ethereum-erc-20-stablecoin-supply-185b-record\" target=\"_self\" rel>dry powder<\/a>,\u201d capital parked in a dollar-pegged asset while investors wait for better crypto entry points, usually stays firm during risk-off periods.<\/p>\n<p>Ethereum needs a stronger risk appetite to lift ETH\u2019s price, while Tether benefits when investors turn defensive. That helps explain why ETH market cap growth has lagged behind USDT despite remaining one of crypto\u2019s core infrastructure assets.<\/p>\n<h2>Can the ETH price fall further in 2026?<\/h2>\n<p>From a technical perspective, Ether faces risks of further price declines in 2026.<\/p>\n<p>As of Sunday, it was trading inside what appears to be a \u201cbear flag\u201d pattern, which increases the odds of resolving to the downside, given the price breaks decisively below the structure\u2019s lower trendline.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2026-03\/019d3945-7fad-7cf6-a924-4b7f9e8ab36e.png\"><figcaption><em>ETH\/USD three-day price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>ETH price risks falling toward the flag\u2019s measured downside target at around $1,250 by June if the breakdown below the lower trend line persists.<\/p>\n<p><template data-type=\"markets_outlook\" data-name=\"subscription_form\" data-label=\"Subscription Form: Markets Outlook\"><\/template><\/div>",
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