Analyst: ETH Strength Could Signal BTC Dominance Peak, Market Funds Flowing into Ethereum and Altcoins

BlockBeats News, July 16th, according to Cointelegraph's report, crypto analyst Matthew Hyland suggested that if Ethereum's price continues to rise, Bitcoin's market dominance may have already peaked.

Hyland published a post on Tuesday on X platform stating: "If ETH shows a bullish trend against BTC and maintains its strength, then the likelihood of Bitcoin's market dominance peaking is as high as 99%." In the past 7 days, Bitcoin's market dominance has dropped by 1.85%, and crypto trader Ash Crypto mentioned that this is because "funds are flowing into Ethereum and other altcoins."

Generally, an increase in Bitcoin's market dominance indicates that investors prefer Bitcoin over altcoins, while a decrease in dominance may suggest that the market is gaining confidence in a broader altcoin ecosystem. Crypto trader Cas Abbe mentioned that Ethereum is currently in a very obvious "bull flag" pattern and "is approaching a breakout."