Cryptocurrencies

Bitcoin dominance threatens to break 18-month uptrend


Bitcoin has dominated the market in recent months, but it looks like the Ethereum ETFs will throw a spanner in the works of the mart’s largest coin. At the time of writing, Bitcoin is losing market share to Ethereum and that makes sense. Following Bitcoin, Ethereum is now also getting its ETFs in America.

The big question is of course whether Ethereum will also succeed in attracting billions of dollars in capital.

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Little response to actual approval

It is striking that the Ethereum price shot up earlier this week due to the persistent rumor about the approval of the ETFs, but that nothing actually happened after the actual approval.

In that respect, it seems as if the market had already seen the approval coming and that it was already fully included in the price.

The market may still be waiting for the approval of applicants’ S-1 documents to know for sure. Although that seems like a formality. An objection could also be filed by someone from the SEC within 10 days, but that also seems unlikely.

Especially after the lawsuits that the SEC previously lost against Grayscale, among others. They are probably not looking forward to (even more) loss of face in this area.

Bitcoin’s dominance is breaking down?

If we can believe the popular Daan Crypto Trades, Bitcoin’s dominance is currently on the verge of collapse. “It was in an uptrend for about 1.5 years and if anything could turn this around, it would be Ethereum based on the approval of the ETFs,” the analyst said.

According to Daan Crypto Trades, the percentages of 52% and 48% are the most important levels for this chart. The risk to the uptrend of Bitcoin’s dominance was also spotted by Captain Faibik, who immediately starts shouting about the start of an altseason.

Ultimately, of course, that is just a narrative. We’ll just have to see to what extent that plays out again during this bull run. It may well be that people want to watch the situation a bit with regard to Ethereum.



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