Altcoins on the Brink? Bitcoin’s Grip Tightens! 😱

by

The entire world awaits Mr. Trump’s pronouncements on tariffs, a matter of grave importance, whilst the crypto markets, ever fickle, exhibit a most distressing uncertainty. Indeed, a certain Rekt Capital, a fellow of some perspicacity in these digital matters, has shared a post suggesting that Bitcoin, that most dominant of coins, may well tighten its grip, leaving altcoins, including Ethereum, in a rather precarious position. Oh, the horror! 😲

Bitcoin Dominance: A Continued Ascendancy, According to One Savvy Analyst

It appears, according to Mr. Rekt Capital, that Bitcoin dominance is poised to ascend, perhaps even reaching a most impressive sixty-four percent. Such a level, it seems, is historically significant, a fact underscored by the peaks of 2017 and 2020, helpfully highlighted in green in the chart below. One hopes such highlights prevent any undue confusion. 🤔

For those unacquainted with such arcana, Bitcoin dominance refers to the proportion of the prime digital asset’s market capitalization relative to the entire crypto market. A rising dominance suggests that funds are flowing from smaller coins – the altcoins – into Bitcoin. A rather unsettling prospect, wouldn’t you agree? 😥

Read more$70 million in 24 hours: Can Ethereum crack $4,000 thanks to whales?

Consequently, altcoins, such as Ethereum, may find their price movements somewhat subdued when Bitcoin dominance rises. Another analyst, Mr. Ali Martinez, has noted Ethereum’s lackluster performance against Bitcoin, implying that this second-largest cryptocurrency is likely to suffer further declines. A gloomy prediction indeed! 😟

Mr. Martinez, in his wisdom, shared an inverse monthly ETH/BTC chart illustrating a cup-and-handle pattern. While such a pattern is typically a harbinger of bullish tidings, in this inverted form, it suggests Ethereum may plummet to a mere 0.00240 – a decline of almost ninety percent from its present value relative to Bitcoin. One shudders at the thought! 😨

A decline in Ethereum would likely drag other altcoins down with it, causing a sharp increase in Bitcoin dominance. However, some analysts, ever the optimists, view this prevailing pessimism surrounding Ethereum as a potential opportunity for those of a speculative bent. Good heavens! 🤑

Ethereum: A Most Asymmetric Wager?

Read moreBitcoin halving could be a ‘sell-the-news’ event, at least for a few months

A separate post from a crypto trader of some repute, Mr. Merlijn The Trader, notes that Ethereum’s price has returned to the levels of 2021, hovering near $1,900 at the time of writing. However, he adds that in 2025, several factors might favor Ethereum. Oh, happy day! 😁

For instance, Ethereum’s narrative could be bolstered by the potential approval of an Ethereum exchange-traded fund, increased institutional interest, and improving fundamentals. Mr. The Trader refers to Ethereum as “the most asymmetric bet right now.” A gamble, perhaps, for those with a penchant for risk. 😈

That being said, Ethereum still has a long road ahead before confirming a bullish reversal. In a recent analysis, Mr. Martinez noted that Ethereum must surpass a key resistance level at $2,300 before targeting higher prices. At present, Ethereum trades at $1,901, down a mere 1.1% in the last 24 hours. A situation that bears watching, wouldn’t you agree? 👀

Read More

2025-04-03 15:44