The changing dynamics within the cryptocurrency market are evident in the Ethereum-Bitcoin ratio, which is approaching the 0.05 mark, a level that hasn't been observed since mid-2021. Ethereum (ETH) has been steadily losing ground against Bitcoin (BTC). Interestingly, it stood at over 0.07 in the early part of 2023, but continuous downward pressure has notably reduced it to 0.06 by September of the same year.

Despite Bitcoin's dominance climbing to 54%, an intriguing trend to note is Ethereum's continuing resilience against Bitcoin although it is diminishing rapidly. Historical data, depicted by the pink line, illustrates Ethereum's highest level of dominance at -0.085, commonly observed during bull markets when Ethereum excels. Conversely, in bear markets, Bitcoin assumes the lead.

Current trends indicate that we could be approaching a market shift where Bitcoin may be poised to reclaim its dominance in terms of market capitalization.

The article "Ethereum dominance against Bitcoin takes sharp dive" was originally published on CryptoSlate.