🔥🔥🔥 #bitcoin dominance risks breaking 18-month uptrend on Ether #ETF✅ launch
Traders anticipate Ethereum ETFs could trigger a fresh "altseason," as Bitcoin loses market dominance post two-year highs.
Bitcoin (BTC) fell to $67,365 and Ether (ETH) to $3,685, down 3.5% on May 24, following underwhelming market response to the approval of spot Ether exchange-traded funds (ETFs) by U.S. regulators.
Despite this significant milestone for the crypto industry, both BTC and ETH showed muted reactions, hovering near $67,000 and $3,670 respectively. The ETFs, while approved, were not immediately ready for trading, with analysts suggesting preparations could delay the launch for several weeks, possibly until mid-June.
Market observers focused on the interplay between the top two cryptocurrencies. Traders like Daan Crypto Trades noted the potential for Bitcoin's market share to face challenges once Ethereum ETFs are launched, potentially reversing the dominance trend that had been in place for about 1.5 years.
The possibility of a broader "altseason" was also discussed among traders, as Bitcoin dominance had peaked at 57% in mid-April, just before its block subsidy halving, marking the highest levels in over two years.
In terms of technical analysis, traders like Skew identified a key support zone around $66,000 for Bitcoin, where bid liquidity on major exchanges like Binance was concentrated. The reaction of BTC's price in this area would provide insights into the absorption of selling pressure, with spot supply remaining high between $72,000 and $76,000.
Notably, the recent price surge in Bitcoin had been driven by spot exchanges, particularly platforms like #Binance and Coinbase, as highlighted by market analysis.
Source - cointelegraph.com
