Crypto markets are a bit wobbly right now, partly due to some uncertainty about global trade. But there’s something else shaking things up: Bitcoin’s dominance.
Bitcoin’s Rising Power
One analyst, Rekt Capital, thinks Bitcoin’s dominance (its share of the total crypto market value) is about to surge, maybe even hitting 64%! That’s a historically significant level, as seen in previous market peaks. What does this mean? Basically, money is flowing out
of smaller cryptocurrencies (altcoins) and into Bitcoin. This usually means altcoins don’t perform well.
Ethereum Takes a Hit?
Another analyst, Ali Martinez, isn’t optimistic about Ethereum (ETH), the second-largest cryptocurrency. He sees charts suggesting ETH could plummet against Bitcoin, maybe even by 90%! If that happens, it could pull other altcoins down with it, further boosting Bitcoin’s dominance.
Is This the Bottom for Ethereum?
Despite the gloomy outlook, some see a silver lining. One trader, Merlijn The Trader, points out that ETH is back at its 2021 price levels, around $1900. They believe that several things could boost ETH in the future, like an ETF approval, increased institutional interest, and improving fundamentals. They even call ETH a “most asymmetric bet right now,” meaning the potential rewards outweigh the risks.
However, even with this positive outlook, ETH needs to break through a key resistance level of $2300 to confirm a real turnaround. Right now, it’s still a bit of a gamble.
