On July 16, according to Cointelegraph, crypto analyst Matthew Hyland stated that Bitcoin's market dominance may have peaked if Ethereum's price continues to rise.
Hyland posted on X platform on Tuesday: "If ETH shows an upward trend against BTC and maintains a strong momentum, the possibility of Bitcoin's market dominance peaking is as high as 99%." In the past 7 days, Bitcoin's market dominance dropped by 1.85%, and crypto trader Ash Crypto said this is because "funds are flowing into Ethereum and other Altcoins".
Typically, an increase in Bitcoin's market dominance means investors prefer Bitcoin over Altcoins, while a decline in dominance may indicate increased market confidence in the broader Altcoin ecosystem. Crypto trader Cas Abbe stated that Ethereum is currently in a very obvious "bull flag" formation and "is approaching a breakthrough".
