Bitcoin Dominance Surges to 2-Year High
The dominance of Bitcoin in the overall crypto market capitalization has reached a two-year high, surpassing 53%. This increase in dominance has been consistent throughout 2023 and is now at levels not seen since April 2021. The uptrend for Bitcoin dominance remains intact, with the dominance trading above its 200-day moving average.
ETH/BTC Underperforms with Bearish Outlook
In previous bull runs, altcoins like Ethereum’s Ether (ETH) have outperformed Bitcoin. However, this year has seen a shift in favor of Bitcoin, with the ETH/BTC trading pair moving lower. Some speculate that Solana (SOL) is taking over as the fastest horse in this market cycle. The underperformance of ETH relative to BTC has led to bearish bets, including veteran trader Peter Brandt shorting the asset. Brandt predicts a target of $1,000 and then $650 for Ethereum if it follows a rising wedge pattern.
Price Comparison: ETH/BTC and Bitcoin
Since January, ETH/BTC has fallen by over 28%, while Bitcoin’s price in USD terms has increased by 167%. Ether’s USD price is up by 90% during the same period.
Hot Take: Bitcoin Dominance Reaches New Heights
Bitcoin dominance has surged to a two-year high, demonstrating its strength in the crypto market. With its consistent rise throughout 2023 and maintaining an uptrend above its moving average, Bitcoin continues to assert its dominance. Meanwhile, Ethereum faces challenges as it underperforms against BTC, leading to bearish outlooks and speculations about other altcoins taking over. These developments highlight the dynamic nature of the cryptocurrency market and the shifting landscape of dominance among digital assets.
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