ETH dominance at its highest level in months, Altseason in sight?

Last week, Bitcoin (BTC) reached an all-time high of $123,200. Since then, however, it has been Ethereum (ETH) stealing the show. In the past week, the digital currency recorded an increase of 22.6 percent. BTC grew by only 1.6 percent during the same period. These performances are also reflected in Ethereum's dominance, fueling rumors of an upcoming altcoin season.

Ethereum dominance rising

According to the latest figures from Singaporean crypto trading firm QCP Capital, Bitcoin's dominance has fallen from 64 to 60 percent. At the same time, Ethereum rose from 9.7 percent to an impressive market share of 11.8 percent.

The Ethereum dominance indicates what percentage of the total cryptocurrency market value is held by ETH compared to all other cryptocurrencies. By the way, the token's dominance has slightly fallen today to a value of 11.5 percent. This coincides with a small correction in the ETH price. On Monday, the token reached a local peak of $3,850. Currently, the digital currency is worth $3,700.