news 
Is Bitcoin Dominance topping out? If so, traders should expect…
Bitcoin Dominance (BTC.D) has been a crucial metric to track for crypto investors and traders alike. It measures the proportion of the total cryptocurrency market capitalization that is comprised by Bitcoin.
As we take a closer look at the current market trends, it appears that Ethereum [ETH] has managed to outperform Bitcoin since April, with an impressive 44% increase in value. ETH rallied from $2,373 to a press-time price of $3,426. This surge in demand could be driven by institutional investors and spot ETF inflows.
A significant development occurred when the ETH/BTC appeared to have turned a corner on the weekly chart. Following a breakout above local resistance at 0.02629, this indicator has been challenging the 0.02968 level. If it can breach the second resistance, an uptrend could be set up for the ETH/BTC.
Crypto analyst Matthew Hyland stated that if the ETH/BTC trend maintains its bullish bias, there is a 99% chance that Bitcoin Dominance (BTC.D) has reached its peak.
However, traders should not jump to conclusions just yet. This assumption assumes that the BTC.D will have difficulty recovering once it reaches this level.
In reality, there could be instances where Bitcoin continues pushing higher even after ETH/BTC breaks out further. It’s possible for both assets to move in different directions simultaneously. In such scenarios, investors shouldn’t hastily make a decision based solely on the current data.
Source: ambcrypto.com
