CandleFocus Dominance: Bitcoin at its highest over Ethereum since 2021
2024-09-16
Author: Content Editor
The dominance of Bitcoin has risen above 58% and its price in Ethereum has reached the highest levels since 2021. This indicates a pre-bullrun period in the crypto market. The price of Bitcoin in Ethereum is currently around 25.5 ETH, which is significantly higher than previous lows in recent years. The trend reversal from a decline in the price of Bitcoin in Ethereum seems to be ongoing since the beginning of 2023. This growth is also impacting the dominance of Bitcoin, as altcoins tend to follow Ethereum. The last time Bitcoin's dominance was above 58% was in April 2021 before Coinbase went public. Historically, October has been a good month for Bitcoin, and the upcoming U.S. elections could also lead to increased demand for BTC. Overall, the conditions seem favorable for the price of Bitcoin to rise again, with altcoins following suit.
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