Analyst: The strengthening of ETH may indicate that BTC's market share has peaked, and market funds are flowing into Ethereum and alts.

robot
Abstract generation in progress

On July 16, according to Cointelegraph, crypto analyst Matthew Hyland stated that if the price of Ethereum continues to rise, Bitcoin's market dominance may have peaked. Hyland posted on platform X on Tuesday, saying: "If ETH breaks out into a rising trend against BTC and maintains a strong momentum, the likelihood of Bitcoin's market share having peaked is as high as 99%." In the past 7 days, Bitcoin's market share has fallen by 1.85%, and crypto trader Ash Crypto stated that this is because "funds are flowing into Ethereum and other alts." Generally speaking, an increase in Bitcoin's market share indicates that investors prefer Bitcoin over altcoins, while a decrease in dominance may suggest that the market has more confidence in the broader altcoin ecosystem. Crypto trader Cas Abbe noted that Ethereum is currently in a very clear 'bull flag' formation and is "approaching a breakout."

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)