#BTC/USDT. GLASSNODE

BTC dominance peaked at 64.4% on May 8. Since then, ETH dominance has risen to 9.75% (+3%), altcoins to 22.35% (+2%), while stablecoins have fallen to 6.3%. Despite the shift, ETH and altcoins remain below their peak values of 18% and 28.5%.

This is still a BTC-driven cycle.