Bitcoin remains at the top of the cryptocurrency market despite the lack of altseason, which is linked to high institutional demand.
Bitcoin's Dominance
Despite the traditional pattern where Bitcoin's dominance declines before altseason, current data shows its steady growth in the market. The Bybit and Block Scholes report highlights that Bitcoin's share of the total market cap, excluding stablecoins, continues to increase.
Shift in Crypto Market Structure
Historically, the market followed predictable cycles where investors switched from Bitcoin to Ethereum and smaller altcoins. However, in the current cycle, Bitcoin has reached multiple record highs without a clear increase in interest for altcoins. Changing investor composition, including institutional players such as corporate treasuries and pension funds, has contributed to this process.
Ethereum's Position in Waiting
Ethereum has shown significant growth in recent months, outperforming Bitcoin. Improvements in regulatory norms and increased investment in Ethereum have supported this trend. Nevertheless, this has not yet resulted in a significant market rotation. Institutional flows could change the situation, but it requires monitoring.
Currently, Bitcoin continues to hold a leading position in the cryptocurrency market, which hinders the development of altseason. Ethereum shows potential, but significant changes require additional factors.
