Ethereum Dominance, the No. 1 Rise Rate Among Major Coins, also has high expectations for the 10% ‘In Front of Your Eyes’ Altcoin-focused market
Ethereum is witnessing a consistent rise, while Bitcoin seems to be treading water after surpassing the $100,000 threshold.
According to CoinMarketCap as of 10:30 a.m. on the 14th, Ethereum is trading at $2706.99, reflecting a 10.09% increase from the previous day.
In the past week, Ethereum has skyrocketed about 46.51%, and over the past month, it boasts an impressive gain of 66.85%. However, it still lags behind with an 18.85% decrease since the beginning of the year.
Among the top ten cryptocurrencies by market capitalization, Ethereum holds the highest return rates over both the last seven days and one month.
In comparison, Dogecoin, which marked the second-highest increase, recorded yields of 39.10% over the week and 46.01% over the month.
Conversely, Bitcoin has remained fairly stable, pricing at $103,968.96âa mere 1.50% increase from 24 hours prior, following its significant rise past $100,000 on the 9th.
This performance places Bitcoin down by 1.47% from its recent peak of $105,493.49, noted on the 12th.
Interestingly, the market capitalization gap between Ethereum and Bitcoin has narrowed considerably, particularly as Ethereum rebounded significantly while Bitcoin opted for a horizontal trend.
As of this day, Ethereum’s share concerning Bitcoin’s market capitalization surged to 2.62%, marking the highest level since March 10.
This share had dipped to 1.77% on the 22nd of the preceding month, hitting its lowest level since January 2020.
Ethereum Dominance, which gauges Ethereum’s share of the total cryptocurrency market capitalization, has also seen a substantial rebound.
On this day, Ethereum Dominance stood at 9.84%, closing in on the 10% markâan important psychological barrier it has not crossed since February 28.
Previously, it fell to 6.95% last month, the lowest point since the ICO boom in 2017.
Since then, bolstered by rising Ethereum prices, Ethereum Dominance has witnessed a remarkable recovery, climbing approximately 32% within the last week.
Several factors contribute to Ethereum’s price surge, including a decrease in tariff war concerns from the U.S. and the recent implementation of the “Pectra upgrade,” aimed at enhancing network efficiency as of the 7th.
As Ethereum’s prices continue to ascend, market expectations are shifting toward a potential trend centered on altcoin investments for the foreseeable future.
Joel Kruger, a strategist at LMAX Group, observed that historical data often reveals that when Ethereum performs strongly against Bitcoin, altcoin-centric rallies frequently follow suit.
