Analyst: ETH Strength Signals Either BTC Dominance Peak or Altcoin Season, Market Funds Flowing into Ethereum and Shitcoins

BlockBeats News, July 16th, according to Cointelegraph's report, cryptocurrency analyst Matthew Hyland stated that if the Ethereum price continues to rise, Bitcoin's market dominance may have peaked.

On Tuesday, Hyland posted on Platform X, saying: "If ETH goes on a uptrend against BTC and maintains a strong momentum, then the possibility of Bitcoin's market dominance peaking is as high as 99%." In the past 7 days, Bitcoin's market dominance has dropped by 1.85%, cryptocurrency trader Ash Crypto stated that this is because "funds are flowing into Ethereum and other altcoins."

Generally, an increase in Bitcoin's market dominance indicates that investors prefer Bitcoin over altcoins, while a decrease in dominance may indicate growing market confidence in the broader altcoin ecosystem. Cryptocurrency trader Cas Abbe stated that Ethereum is currently in a very obvious "bull flag" pattern and "is close to a breakout."