ETH vs BTC Dominance clash as ETH daily transactions almost hit 1,500,000.
Last time this target was hit was during the 2021 altseason peak cycle.
Several signals indicate ETH and altcoins dominance will take over soon.
The price of BTC just set a new ATH at the $123,000 price range, allowing the price of Ethereum (ETH) to break above the $3,000 price range. While BTC is currently trading at $117,000, the price of ETH is trading above $3,100, showing how ETH is presently outperforming BTC, like it did before the altseason phase in the previous two bull cycles. ETH vs BTC Dominance clash as ETH daily transactions near 1.5 million, same as 2021.
ETH vs BTC Dominance Clash
Analysts expect the price of BTC to go on to hit even higher targets in the $130,000 price range next. This leads to the question of how far the price of BTC will pump this bull cycle, and more importantly, how long BTC Dominance will continue to hold. Meanwhile, expectations for altseason peak to kick off and bring on a string of new ATHs for altcoin prices also grow stronger.
Several reputed analysts believe that BTC Dominance is topping out and that a lower BTC Dominance could still bring about higher highs for BTC. Additionally, the fact that ETH has been steadily outperforming BTC in the new quarter is another strong sign that could lead to BTC Dominance tapping out. Several bullish indicators cross other altcoin price charts, also supporting Altcoin Dominance soon.
https://twitter.com/Alphractal/status/1945179542173217096
As we can see from the post above, Alphractal data shows the ETH aggregated liquidation level heatmap from the last three days. Based on this data, the post highlights that as BTC dominance pulls back, ETH is liquidating short-term bears. Around the $3,100 level, a large portion of the bears who opened positions over the past 3 days are being liquidated. Another sign highlights a clash between ETH and BTC Dominance.
ETH and Altcoin Dominance Ready to Overpower BTC
https://twitter.com/rektcapital/status/1945200289184723293
Adding to the bullish discussion is another reputed analyst, who draws attention to ETH Dominance. As the post above depicts, this analyst also shares a chart showing where ETH Dominance reversed, mirroring its bullish takeover, similarly in the last bull cycle. The analyst says that Ethereum Dominance has reached over 10% market dominance in an uptrend for the first time since March 2020.
https://twitter.com/TedPillows/status/1945199184606584944
Lastly, the final bullish signal in the ETH vs BTC Dominance clash is the amount of ETH daily transitions. To highlight, the ETH daily transactions are almost back up to the 1,500,000 target. The last time Ethereum reached above 1,500,000 transactions was back in 2021, during the altseason peak phase. This signals that the time may have finally arrived for altcoin prices to take the lead.
