The post Crypto Analyst Predicts Ethereum Dominance to Surpass 20% by Year-End appeared first on Coinpedia Fintech News
Ethereum (ETH) network has continued to attract bullish sentiments fueled by clearer regulatory scope in the United States. More institutional investors are pulling up Ethereum holdings in preparation for an anticipated parabolic rally.
For instance, Bitwise Asset Management revealed in a revised S-1 registration that it has seeded its spot Ether ETF with $2.5 million.
Additionally, on-chain data shows that the supply of Ethereum on centralized exchanges is at a multi-year low.
Ethereum Dominance Outlook
Ethereum network has grown to a major web3 ecosystem with more than $62 billion in total value locked (TVL) and over $79 billion in stablecoins market cap.
The Ethereum network has, therefore, retained its market dominance of around 18 percent in the past few years, despite the emergence of new layer-one chains such as Solana (SOL), Cardano (ADA), and Toncoin (TON).
ETH.D is telling us that it has been in a rectangle accumulation pattern with some deviations, and is setting up for a massive breakout above the 20% mark in Q3/Q4. https://t.co/vd8XyZtLiD pic.twitter.com/OGaU07qWd0
— Wolf (@IamCryptoWolf) June 19, 2024
According to a popular crypto analyst alias Wolf (IamCryptoWolf) on the X platform, Ethereum’s market dominance is on the cusp of a bullish breakout beyond 20 percent at the tail end of this year.
Bigger Picture
The rise of Ethereum dominance during the next major altseason remains under siege from the emergence of thousands of digital assets led by meme coins.
Although Ethereum network has achieved much needed regulatory clarity akin to Bitcoin in several jurisdictions, more crypto investors are attracted to small cap altcoins, which are undervalued and likely to rally exponentially in the coming quarters.
Furthermore, Bitcoin dominance has been declining since its inception, thus signaling a similar fate for the Ethereum network. Already, Bitcoin dominance has approached a major resistance level that could lead to an inevitable reversal soon.
