Bitcoin Dominance ‘Has Topped’ If Ether Surge Continues
Summary
Bitcoin's market dominance is currently at 63.82%, up 9.89% since January 1, but down 1.85% over the past week due to increased investment in Ether (ETH) and altcoins. Analyst Matthew Hyland states that if ETH continues to rise against BTC, there is a 99% chance that Bitcoin's dominance has peaked. Ether has increased by 19.87% in the last week, trading at $3,117, and is showing signs of a bullish breakout. Bitcoin's recent high was $122,884, but analysts expect a short-term consolidation before a potential uptrend resumes by year-end. The Bitcoin Moving Average Indicator suggests a "Strong Sell," yet many analysts remain optimistic about Bitcoin's fundamentals and future price increases.
