Market sentiment is shifting at a very fast pace, with Bitcoin (BTC) and Ethereum (ETH) dominating social trends. According to top market analyst Michael van de Poppe, with the ongoing drop in the dominance of Bitcoin, Ethereum might take over these social conversations moving forward.
Shifting investor focus
As spotted by van de Poppe, the dominance of Bitcoin has plateaued at 58%, setting the tone for Ethereum to enter the limelight. Van de Poppe noted that the spot Ethereum ETF product will shape the narrative eventually, as investors look for the next things that can drive optimism.
#Bitcoin dominance continues to peak at 58%.In that regard, it seems likely that we'll be having more eyes on Ethereum rather than Bitcoin in the upcoming period due to the Ethereum ETF. pic.twitter.com/bVRk9uwUSy
— Michaël van de Poppe (@CryptoMichNL) June 25, 2024
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Bitcoin has not helped the market much lately as its price has continued to nosedive, driving bearish sentiment for other altcoins. At the time of writing, the price of Bitcoin has inked a minor 0.24% surge to $61,324.10 after falling as low as $60,660 in the early morning trading session.
The majority of altcoins notably decoupled from Bitcoin, with the likes of Solana (SOL) outshining on the market, with prices soaring 9.11% to $138.59. With Bitcoin failing to step up as needed, the decoupling has spread to Chainlink (LINK) and Toncoin (TON), among others, all of whom are now up 5.69% and 5.4% to $14 and $7.612, respectively.
Ethereum spotlight
This month thus far, the trends on the spot Bitcoin ETF market marked by the sustained outflow have marred any chances of recovery in the near term. The majority of the uptick the market has printed thus far has come from Ethereum as the U.S. SEC ended its securities investigation into the asset.
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As it stands, the ecosystem is now anticipating word on the potential approval of S-1 registrations that will ultimately usher in the trading of ETFs. Though experts have predicted there might be a lower volume of the product, it is still considered the biggest catalyst that might break the current market bull-bear uncertainty.