Analysts: ETH Strength May Indicate BTC Market Cap Has Peaked, Market Funds Are Flowing into Ethereum and Altcoins
Powered by ChatGPTCrypto analyst Matthew Hyland says Bitcoin's market dominance may have peaked if Ethereum's price continues to rise. "If ETH/BTC breaks out and sustains, there's a 99% chance that Bitcoin Dominance has topped," Hyland posted on X on Tuesday. In the past 7 days, Bitcoin's market dominance has fallen by 1.85%, with crypto trader Ash Crypto saying this is because "funds are flowing into Ethereum and other altcoins." Generally speaking, a rise in Bitcoin's market dominance means that investors prefer Bitcoin over altcoins, while a decline in dominance may indicate increased market confidence in the broader altcoin ecosystem. Crypto trader Cas Abbe says Ethereum is currently in a very clear "bull flag" formation "and is nearing a breakout." (Cointelegraph) [Odaily Planet Daily]