Crypto Analyst Forecasts Bitcoin Dominance Peak If Ethereum Continuates Bull Trend

Crypto analyst Matthew Hyland posits that Bitcoin’s market dominance could reach its apex should Ether (ETH) maintain its bullish trajectory.

Speaking Tuesday, Hyland stated:

“If ETH breaks bullish and remains bullish against BTC there is a 99% chance BTC Dominance has topped.”

He further elaborated:

“It is basically impossible for Dominance to push higher if ETH continues higher against BTC.”

Bitcoin Dominance At 63.82%, According to TradingView

Presently, Bitcoin dominance — calculated as its share of the overall cryptocurrency market — stands at 63.82%, marking a 9.89% increase since January 1st, according to TradingView data.

Over the preceding seven days, Bitcoin dominance has decreased 1.85%. This downward trend is attributed by crypto trader Ash Crypto to “money flowing into ETH & altcoins.”

Bitcoin dominance indicators provide crucial insights into investor sentiment. A rising dominance often signals institutional or large-scale preference for Bitcoin relative to alternative cryptocurrencies (altcoins). Conversely, a declining dominance typically suggests growing investor confidence and allocation towards other digital assets.

ETH Shows Strong Relative Strength Against BTC

Ether, meanwhile, has surged 19.87% over the past seven days, currently trading at $3,117 according to CoinMarketCap data. Crypto trader Cas Abbe highlighted the formation of a “bull flag,” stating that ETH is “getting closer to a breakout.”

Ethereum’s outperformance has caused its relative strength against Bitcoin to increase significantly, nearly 10% over the last 30 days.

Looking ahead, some analysts temper expectations for Bitcoin amidst recent strength. Renowned investor Charles Edwards of Capriole Investments anticipates consolidation following Bitcoin’s recent peak of $122,884.

“I see some consolidation here after the big move, but ultimately higher into yearend,” Edwards indicated.

Notwithstanding short-term caution, long-term perspectives are supported by fundamental analysis. 21Shares crypto research strategist Matt Mena highlighted that “Bitcoin isn’t likely to enter a downtrend anytime soon, with strong fundamentals supporting its trajectory.”

TradingView’s Bitcoin Moving Average Indicator currently signals a “Strong Sell,” presenting a contrast to bearish consensus, yet numerous analysts retain ambitious price targets for the year-end period.