Personally, I believe that with the approval of the Ethereum ETF, Bitcoin’s market dominance rate may decline significantly.
Previous market gains were driven by Bitcoin ETFs, when Bitcoin’s market dominance had been steady at around 51%, and at some points was as high as 55% to 57%.
This dominance rate is an important indicator. If the total market capital remains unchanged, the decline in dominance means that funds are flowing from Bitcoin to other cryptocurrencies, which is good news for Ethereum and the entire altcoin market.
Therefore, as the Ethereum ETF is passed and implemented, we may see funds move from Bitcoin to Ethereum and other altcoins, driving the price of these coins higher.
