Ether’s 19.8% Surge Signals 99% Chance Bitcoin Dominance Has Peaked
Bitcoin’s reign at the top of the crypto market may be coming to an end—at least for now. According to crypto analyst Matthew Hyland...
Quick overview
- Bitcoin's dominance in the crypto market may be peaking as Ethereum gains momentum.
- Currently, Bitcoin dominance is at 63.82%, but it has seen a recent decline due to increased interest in Ether and altcoins.
- Ether has risen 20% in the last week and is outperforming Bitcoin, indicating a potential shift in market dynamics.
- Experts predict a short-term consolidation for Bitcoin, while altcoins may experience a rally as investor sentiment shifts.
Bitcoin’s reign at the top of the crypto market may be coming to an end—at least for now. According to crypto analyst Matthew Hyland, if Ether (ETH) continues to go up, Bitcoin dominance will peak. In a tweet, Hyland said there’s a “99% chance” BTC dominance has topped if Ethereum’s momentum against Bitcoin holds.
As of this writing, Bitcoin dominance is at 63.82%, up 9.89% year-to-date, but down 1.85% in the last 7 days, according to TradingView. That dip is mostly due to capital flowing into Ether and altcoins, according to trader Ash Crypto.
Dominance is the percentage of the total crypto market that’s Bitcoin. When dominance falls, it means investors are diversifying their portfolios—often a bullish sign for altcoins.
Ether’s Rally is Getting Attention
Ether is currently at $3,117, up 20% in the last week, according to CoinMarketCap. Analysts like Cas Abbe are pointing out a “clear bull flag formation” that means more upside is coming. In fact, ETH has gained 10% against BTC in the last month, further eroding Bitcoin’s market share.
Key ETH trends:
- +19.87% weekly gain
- Forming a textbook bull flag
- Outperforming BTC in monthly returns
- Increased interest in altcoins
If Ethereum keeps this momentum, Bitcoin’s dominance will continue to decline. Historically, this is when the altcoin rally begins.
Market Outlook: BTC to Consolidate
While Bitcoin hit a high of $122,884, experts think a short-term cooldown is likely. Charles Edwards, founder of Capriole Investments, expects consolidation in the near term but is bullish for a year-end rally.
Other analysts agree. Despite TradingView’s Moving Average Indicator rating Bitcoin as a “Strong Sell”, Matt Mena of 21Shares thinks the cryptocurrency is fundamentally strong and a major downtrend is unlikely soon.
With Ethereum gaining strength and investor sentiment shifting, the crypto market may be entering a new phase where Bitcoin dominance takes a backseat to altcoin momentum.
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