Souvenir tokens representing cryptocurrency Bitcoin and the Ethereum network, with its native token ether, plunge into water in this illustration taken on May 17, 2022.For years, ether could barely dream of challenging its big brother bitcoin. Now, its ambitions may be becoming more realistic.
The upstart is still a long way from overtaking bitcoin as the No.1 cryptocurrency, a reversal known to aficionados as "the flippening". It's made up ground, though; in January 2021, bitcoin reigned supreme at 72 per cent, while ether occupied a slender ten per cent. Ethereum forms the backbone of much of the "Web3" vision of an internet where crypto takes centre stage, powering applications involving crypto offshoots such as decentralised finance and non-fungible tokens - although this much-hyped dream is still unrealised.
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