Could Bitcoin’s position at the market summit be grinding to a halt? Following a remarkable start to July, the OG crypto seems to be losing its sector dominance to Ethereum, at least for the time being. Some within the crypto circles now suggest that a continuation of this trend could signal a temporary end to Bitcoin’s reign at the top of the market.
Market commentator Matthew Hyland asserted that the Bitcoin market dominance has hit its ceiling if Ether continues charting northbound courses. According to the analyst, there’s a “99% chance” that the apex asset has topped if ETH sustains this current trend.
If ETH breaks bullish and remains bullish against BTC there is a 99% chance BTC Dominance has topped.
Hyland also acknowledged that the OG coin’s dominance can’t climb further if the Ethereum market tilt expands. At press time, Bitcoin’s market dominance is pegged at 63.82%, up 9.89% since the turn of the year but down 1.85% in the past seven days.
For clarity, dominance refers to the percentage of the total crypto market capitalization held by Bitcoin. A drop in Bitcoin’s dominance signifies market participants diverting their investments into altcoins.
Prominent trader Ash Crypto believes that this waning market control is down to capital rotation into Ethereum, as well as other altcoins.
As of now, ETH is exchanging hands around $3,601 after rallying over 5% in the past intraday session.
Here are other key Ether trends:
According to crypto trader Cas Abbe, ETH is close to forming one of the most evident bull flag setups and is poised for a breakout soon.
Despite Bitcoin hitting an all-time high on Monday, experts suggest that the asset may have cooled in the short term. Capriole Investments founder Charles Edwards believes that the apex asset may trade within a tight range for now, although he remains confident about an end-of-year bullish run.
I see some consolidation here after the big move, but ultimately higher into year end.
Other analysts echo Edwards’ market view. Even though TradingView’s Bitcoin Moving Average Indicator flashes a “Strong Sell” Signal, 21Shares’ Matt Mena maintains that the coin is well-positioned to end the year strongly.
As per the latest market updates, the ETH/BTC ratio rose to a multi-month 0.0267 BTC, validating a breakout from a bull flag setup. Such a trend continuation generally signals further climbs.
This recent breakout first appeared on July 10, as ETH finished its trading day above the flag’s upper trendline, supported by strong rising volumes. The ETH/BTC pair has also moved above the exponential moving average for the first time in over 12 months. For now, the pair has established a base at the newly surpassed level.
Supposing Ether holds above this level, it could soon move to the next price target near 0.035 BTC, which is 30% above its current market price.
