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“The Flippening” refers to the possible future event when Ethereum overtakes Bitcoin to become the most valuable cryptocurrency in terms of market capitalization.
Until recently, Bitcoin has held the top spot without any serious competition since its creation in 2009. On February 24th, 2017, Bitcoin’s market capitalization represented 86.74% of the total market capitalization of all cryptocurrencies.
Since then, even though its unit price has risen, Bitcoin’s market share has fallen precipitously and now stands below 60% (check here for the most recent numbers). At the same time, other cryptocurrencies, especially Ethereum, have rapidly gained market share.
There are several metrics that measure the usefulness, value, or importance of a cryptocurrency. But when most people talk about the “flippening” taking place, they are usually referring to Ethereum overtaking Bitcoin in market capitalization specifically.