Bitcoin appears to be losing its dominant position in the cryptocurrency market as Ethereum rises. An analysis of current trends shows how these changes may affect the future of both cryptocurrencies.
Ethereum Increases Market Share
Recent gains of over 5% for Ethereum and breaking through key resistance levels have led to Bitcoin's market dominance dropping to 63.82%. Many experts suggest that this current trend could indicate a temporary end for Bitcoin's leadership. Analyst Matthew Hyland noted that if ETH continues its upward trajectory, it means Bitcoin dominance has reached its ceiling.
> *If ETH remains bullish against BTC, there’s a 99% chance BTC dominance has topped.* *— Matthew Hyland*
Short-Term Prospects for Bitcoin
Despite Bitcoin reaching an all-time high recently, experts predict a short-term consolidation for the asset. Capriole Investments founder Charles Edwards believes Bitcoin may trade within a tight range for now, although a strong end-of-year performance is expected.
> *I see some consolidation here after the big move, but ultimately higher into year end.* *— Charles Edwards*
Future of ETH and Major Trends
According to the latest updates, the ETH/BTC ratio rose to 0.0267 BTC, indicating a possible continuation of the bullish trend. If Ethereum can maintain this level, its target could soon reach 0.035 BTC, which is 30% above its current market price.
Current market trends indicate that Ethereum is successfully competing with Bitcoin, which may influence the financial strategies of many investors. While Bitcoin may temporarily lose its dominant position, both cryptocurrencies are expected to continue playing significant roles in the market in the long run.
