The dominance of Bitcoin in the cryptocurrency market has fallen to 56.1%, below its two-year support line, which may indicate that the market has officially entered 'altcoin season', as the decline in Bitcoin's dominance means that investors are taking profits from their BTC positions and investing some of the funds into altcoins.

Since Trump's election victory, the demand for Ethereum exchange-traded funds (ETFs) in the cryptocurrency market has increased by more than 160%, further supporting analysts' expectations that Ether will rise above $4,000.