Bitcoin Dominance Over Ethereum Hits 40-Month High as Investor Interest Shifts
Bitcoin's dominance over Ethereum has reached a significant milestone, hitting its highest level in 40 months, according to insights from CryptoQuant. The leading cryptocurrency now commands a dominance ratio of 78.5%, while Ethereum trails at 19.7%. This shift in the market underscores a growing preference for Bitcoin among investors, with Ethereum struggling to capture similar levels of interest.
CryptoQuant's analysis highlights that Bitcoin's dominance has been on an upward trajectory since late 2022, driven by increasing speculation surrounding the approval of a spot Bitcoin ETF. Despite similar discussions about an Ethereum ETF, investor interest in Ethereum has remained subdued. This trend is further reflected in the lackluster performance of Ethereum-based exchange-traded funds, indicating that the narrative of "digital gold" continues to resonate more strongly with the market.
As of now, Bitcoin holds a 57% share of the total cryptocurrency market, up from the 51-52% range at the start of the year. Ethereum, on the other hand, has seen its price drop by about 26% since the launch of its ETFs, signaling a challenging period for the second-largest cryptocurrency as it struggles to compete with Bitcoin's growing dominance.$BTC $ETH
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