Could the position of bitcoin at the top of the market be running out of steam? After a remarkable early July, the dean of the cryptos seems to lose its sectoral dominance in favor of Ethereum, at least for the moment. Some in the Cryptos circles now suggest that a continuation of this trend could announce a temporary end of the reign of bitcoin at the top of the market.
In short
- Ethereum climbs more than 5 %, crossing key resistance, with bullish indicators such as a break in the RSI and the formation of a golden cross.
- The dominance of the Bitcoin market fell to 63.82 % while the rotation of capital to Ethereum and other altcoins accelerates.
- The ETH/BTC ratio climbs to 0.0267 BTC, breaking a one -year -old lower trend and suggesting a potential objective at 0.035 BTC.
- Experts provide that Bitcoin could consolidate in the short term but are however waiting for a strong performance at the end of the year for the Crypto Leader.
The Ethereum rally signals a peak of dominance of Bitcoin, according to analysts
Market commentator Matthew Hyland said that the dominance of the Bitcoin market has reached its ceiling if Ether continues to take an upward trajectory. According to the analyst, There is “99 % chance” that the leading asset has reached its summit If ETH maintains this current trend.
If the ethful becomes bullish and remains bruise against the BTC, there is a 99 % chance that the dominance of the BTC has reached its summit.
Matthew Hyland
Hyland has also recognized that the dominance of the crypto cannot go up more if the Ethereum market trend is widening. At the time of writing, the dominance of the Bitcoin market is estimated at 63.82 %, up 9.89 % since the start of the year, but down 1.85 % in the last seven days.
For clarity, dominance refers to the percentage of the total market capitalization of cryptos held by Bitcoin. A drop in the dominance of bitcoin means that market participants divert their investments in altcoins.
The eminent trader ash crypto thinks that this decline in market control is linked to the rotation of capital to Ethereum as well as to other altcoins.
ETH exceeds $ 3,600: Haussiers indicators report a possible upcoming break
Currently, the ETH is exchanged around $ 3,601 after jumping more than 5 % during the last intra -day session.
Here are other Ether key trends:
- Market capitalization: Ethereum market capitalization amounts to $ 435.29 billion, up 5.29 % over the last 24 hours.
- Exchange volume: The volume of 24 -hour exchanges increased by 6.64 % to 57.37 billion dollars.
- Relative force: Ether won almost 10 % against Bitcoin in the last month.
- RSI break: the weekly RSI has broken a three -year lower trend, suggesting a structural change.
- Golden cross: a golden cross between the mobile averages on 50 and 200 days is in training, indicating a possible durable upward trend.
According to the crypto trader case abbe, ETH is close to forming one of the most obvious Bull Flag configurations And prepares for an upcoming break.
Experts anticipate short -term consolidation, but long -term growth for Bitcoin
Despite Bitcoin having reached a historic record on Monday, the experts suggest that the assets could have cooled in the short term. Charles Edwards, founder of Capriole Investments, believes that the leading assets could evolve in a narrow range for the moment, even if it remains confident as to a bullish phase at the end of the year.
I see a certain consolidation here after the big movement, but ultimately an increase towards the end of the year.
Charles Edwards
Other analysts share Edwards' opinion on the market. Although the tradingview Bitcoin Mobile Middle indicator issues a “strong sale” signalMatt led by 21Shares maintains that the room is well positioned to end the year in force.
Ether aims 0.035 BTC after a bullish break
According to the latest market updates, the ETH/BTC ratio rose to 0.0267 BTC, a higher over several months, validating an output of a Bull Flag configuration. Continue to this trend generally signals new increases.
This recent break appeared for the first time on July 10, when the ETH ended its trading day over the higher trend line of the flag, supported by high increases. The ETH/BTC pair has also exceeded the exponential mobile average for the first time in more than 12 months. For the moment, the pair has established a base at the newly exceeded level.
If Ether is maintained above this level, it could soon reach the next price target close to 0.035 BTC, which represents 30 % above its current price on the market.
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