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Analyst: ETHs strength may indicate that BTCs market share has peaked, and market funds are flowing into Ethereum and altcoins
Odaily News Crypto analyst Matthew Hyland said that if the price of Ethereum continues to rise, Bitcoins market dominance may have peaked. If ETH rises against BTC and maintains a strong trend, there is a 99% chance that Bitcoins market share has peaked, Hyland wrote on the X platform on Tuesday. In the past 7 days, Bitcoins market share has fallen by 1.85%, and crypto trader Ash Crypto said this is because funds are flowing into Ethereum and other altcoins. Generally speaking, an increase in Bitcoins market share means that investors prefer Bitcoin to altcoins, while a decrease in dominance may indicate that the market has increased confidence in the broader altcoin ecosystem. Crypto trader Cas Abbe said that Ethereum is currently in a very obvious bull flag formation, and is approaching a breakout. (Cointelegraph)
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