Ethereum's Surge Weakens Bitcoin Dominance, Signaling Alt Season's Arrival
CryptoNewsTerminal Staff24 May, 2024
Ethereum's Surge Weakens Bitcoin Dominance, Signaling Alt Season's Arrival
## Ethereum's Rally Reverses Bitcoin Dominance Trend According to analysts cited by CoinTelegraph, the recent surge in Ethereum's (ETH) value has caused Bitcoin dominance (BTC's market cap as a percentage of the total crypto market cap) to reverse its upward trend. This shift potentially signals the commencement of alt season. Crypto trader DaanCrypto observed, "An 18-month Bitcoin dominance uptrend has been broken. The SEC approval of an ETH spot ETF is giving ETH market cap strength and pulling down BTC dominance." Another crypto analyst commented, "BTC dominance has finally broken the lower support of the rising wedge pattern on the weekly chart. 2024-2025 altseason started already." It's noteworthy that Bitcoin dominance had recently reached a two-year high of 57.15%. However, the recent rise in Ethereum appears to have weakened Bitcoin's dominance, potentially paving the way for alternative cryptocurrencies to gain traction.
