The release of an Ethereum ETF will deal a major blow to Bitcoin's dominance
The analyst, who goes by the pseudonym Hedgex.eth, believes that the release of an Ethereum ETF will deal a major blow to Bitcoin's dominance.
Bitcoin] will reach new highs during this cycle, but many will be disappointed by the peak at $100,000. Ethereum has great upside potential thanks to catalysts including ETFs. Bitcoin's dominance will suffer greatly. The level of capitalization of all cryptocurrencies will increase significantly, wrote Hedgex.eth.
Last year, Bitcoin's share of the digital asset market increased from 41.3% to 53.5%. When the coin fell in price by 1% from January 1, 2024, Bitcoin's dominance decreased by only 1%. However, Hedgex.eth predicts a significant drop in this indicator after the launch of Ethereum-ETF trading.
The expert predicts an increase in the Bitcoin rate; accordingly, it becomes obvious that ETH will win back positions from the first cryptocurrency due to a higher rate of price increase. This trend has already emerged, because from January 10 to January 12, Ethereum rose in price by 25% relative to Bitcoin and maintained its position.
