Altcoin Market Cap on the Rise as Bitcoin Dominance Falls: Can Ethereum ETFs Further Decrease BTC Dominance?

The altcoin market cap is on the rise as Bitcoin’s dominance continues to fall. According to AMBCrypto’s analysis, Bitcoin’s dominance has decreased from 55.10% to 54.62% in a short period of time. This decrease in dominance indicates that altcoins are performing better compared to Bitcoin.

The TOTAL2 indicator, which measures the total market cap of the crypto market excluding BTC, has shown an 8.01% increase in recent times. This suggests that altcoins are gaining strength and could potentially challenge Bitcoin’s dominance in the market.

One key factor that could further drive down Bitcoin’s dominance is the launch of spot Ethereum ETFs. Historically, when Ethereum outperforms Bitcoin, it gives a boost to other altcoins and reduces Bitcoin’s dominance. The ETH/BTC ratio has also increased from 0.051 to 0.053, indicating that Ethereum is gaining momentum against Bitcoin.

If this trend continues, the ETH/BTC ratio could reach 0.056, potentially leading to a further decrease in Bitcoin’s dominance. Market participants are closely watching these developments to see if altcoins are ready to challenge the king of cryptocurrencies.