Bitcoin Dominance Dumps Hard, Falling to 63.2%, As Money Flows Into Ethereum (ETH)

Bitcoin Dominance is decreasing according to many analysts.

In detail, BTC Dominance dumps hard, falling from 64.6% to 63.2%.

Money is flowing heavily into the pioneer altcoin Ethereum (ETH).

The crypto market is seeing a clear shift in money and capital flow. Analysts debate if the end is near for Bitcoin’s pump. Several analysts note that Bitcoin Dominance is decreasing, and as BTC Dominance dumps hard, money is flowing into pioneer altcoin Ethereum (ETH) instead. Analysts believe altseason peak is closer than ever. Can BTC still go on to set a new ATH this bull cycle?

Bitcoin Dominance Dumps Hard

The price of Bitcoin (BTC) set a new ATH at the $123,000 price range earlier this week. This new ATH was soon followed by a dip in price, which brought the pioneer crypto asset back to the $117,000 price range, and BTC is now trading at the $118,000 price level. While Bitcoin experienced this price movement, the price of ETH has been moving on the up and up. In detail, the price of ETH finally blew past the $3,000 price mark and went as high as $3,400

The price of ETH, according to many reputed crypto analysts, is moving in the same trajectory as Bitcoin did in 2021. This means that an explosive rally is on the horizon for Ethereum (ETH), specifically. In addition, if ETH experiences a strong pump, then the same bullish action will reflect on the prices of other altcoins as well, meaning a highly bullish altseason phase to reap heavy gains

Presently, analysts are keeping a close eye on Bitcoin vs ETH and altcoin dominance. Most analysts are already seeing a steady shift from BTC Dominance to ETH and altcoin dominance. Some believe that BTC can go on to hit new ATH targets with low dominance, while others expect BTC to set another new ATH first in the $130,000 price range before allowing ETH and altcoins dominance to take over

Money Flows Into Ethereum (ETH)

Presently, reputed analysts are focusing on BTC Dominance, noticing a sharp decline. As we can see from the post above, this reputed analyst declares that BTC Dominance is dumping hard. The image of the chart shows a sharp decline from 64.6% to 63.2%. Bitcoin Dominance will likely continue to dip, giving ETH and altcoins the chance to outperform the pioneer crypto asset, something that ETH has already been doing recently.

Adding on, Lark Davis, another reputed name in the crypto space, also comments on how Bitcoin Dominance is decreasing. However, he points this out in a positive light and draws attention to the fact that the altcoin index is gradually picking up. He ends his post by declaring that altseason is near. With ETH close to reclaiming its previous ATH targets, the altcoin market is more bullish than ever.