Bitcoin Outperforms Ethereum 6% in 2024
Bitcoin (BTC), the biggest cryptocurrency by market capitalization, has performed well in 2024. Despite recent problems in the previous two quarters, the leading cryptocurrency has up 137% in a year.
Bitcoin Outperforms Ethereum 6% in 2024
IntoTheBlock reports that Bitcoin has grown apart from other digital assets. BTC's dominance over Ethereum (ETH) and stablecoins increased 6% in 2024, according to the blockchain analytics portal.
Ethereum, the biggest altcoin by market size, is trading at its lowest versus BTC, according to IntoTheBlock. The less effective spot ETF launch has contributed to ETH underperformance.
Over the last eight months, spot Bitcoin ETFs have raised $18 billion, whereas ETH ETFs have generally lost money since debuting in late July. Investors like BTC owing of its stability.
In the end, spot exchange-traded funds helped Bitcoin dominate the crypto market. However, a renowned crypto analyst on X made an intriguing forecast concerning Bitcoin and altcoins in the current cycle.
Martinez believes a weekly rising wedge chart pattern may indicate a Bitcoin dominance reversal. On the three-day chart, cryptocurrency market cap is breaking out of a falling wedge.
A wedge is a technical analysis pattern with converging trend lines on a price chart. In an uptrend, a rising wedge is a negative warning that the price will reverse. However, a sinking wedge frequently indicates a bullish turn.
Martinez said that âaltcoin season is just around the corner,â particularly with the Bitcoin dominance chart indicating a trend reversal and the altcoin market value rising.
Currently, the market worth outside of the top 10 is $213.814 billion.
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