Bitcoin’s day to day mining reward is based solely on the current price.
if Bitcoin price continues on a downtrend, inflating away which it will, as ETH holds firm as it has for the past few months in anticipation for ETH 2.0 PoS, Bitcoin’s value has a real chance of halfing from where it is now if no new pump happens by Q1 2022.
If Bitcoin’s price begins to drop significantly the mining reward will chip away at Bitcoin mining costs and market cap, and ETH’s mining reward will seem instantly more attractive based on sheer dollar weight, as ETH’s marketcap outweights Bitcoin’s and huge volumes of transactions on ETH due to ERC20 tokens NFTs etc, all of which are value added services paid by users, lacking in Bitcoin which has a ‘mining cost’ funnel instead.
Once mining rewards are sustained higher on ETH due to all the real transactional volume day to day, Bitcoin’s market dominance in $ value only needs to drop below parity 50/50 with ETH once. this has been tested in 2017 june 12 and feb 8 etc. the mining/staking rewards for ETH and continued transactional demand will sustain it above Bitcoin’s dwindling utility.
And ETH 2.0 is a network hardware killswitch of sorts. at some point all the GPUs mining ETH will be forced to make a hard choice. mine altcoins or Bitcoin, which will likely be dumped immediately to buy ETH. Why? because ETH 2.0 will solve the blockchain transaction speed/cost, and mining/electricity cost. its the difference between a push cart and a train. marketcap distribution is extreme in crypto,
some altcoins have ‘solved’ the issues ETH 2.0 will, however they lack the market dominance and built in demand by volume of tokens, NFTs, public awareness etc. BTC holders will bite the cost bullet hoping for hype, while ETH will pay out automated yield on higher prices, and cheap transaction cost, making it the best store of value. this will self perpetuate by design.
distributed yield is a better model than paying to sustain hardware monopolies and mining costs.
Market cap is not the main indicator of the flippening since ETH 2.0 is not released yet.
not financial advice.