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The Bitcoin domain (BTC) is constantly decreasing. The last steps of capitulation seen in the market were aimed at reducing altcoin prices while Bitcoin (BTC) remains stable. As the Bitcoin (BTC) ranking shows, this will not happen again. In fact, the opposite is going to happen now. As the Bitcoin domain (BTC) falls, the altcoins will move against Bitcoin (BTC) to complete their cycles. A lot of cryptocurrencies have now approached their lowest levels of domain. Ethereum (ETH) is one of those cryptocurrencies. During the last run of the season, Ethereum (ETH) became market maker and breaker in June 2017. It was then that its dominant position was at the highest levels and the Bitcoin domain (BTC) was at historic lows.
Ethereum (ETH) was calling the shots and the market was dancing on its tones. However, over time, the Ethereum domain (ETH) continued to decline while Bitcoin (BTC) regained its dominance. The big moment for Bitcoin (BTC) arrived around July 2018 when Bitcoin (BTC) broke the predominant downtrend. However, shortly thereafter, he was stopped by an even stronger resistance and therefore the short-lived belief that Bitcoin (BTC) had effectively broken a downward trend of dominance was nullified. Bitcoin (BTC) is about to hit the downside again. If this time is rejected, the fall of the domain will be very rapid and other cryptocurrencies will soon fill the void.
Of all the cryptocurrencies that have remained beneficiaries of a dominant position in Bitcoin (BTC), Ethereum (ETH) is at the top of the list. The level of dominance of Ethereum (ETH) has just returned to a long-term trend line. This is the dominant trend line that Ethereum (ETH) has held since its inception and there is no reason to believe it will break this time. If the dominance of Ethereum (ETH) were to increase this time, it would have dealt a devastating blow to the taking of Bitcoin (BTC) on the cryptocurrency market. Previously, when the dominance of Bitcoin (BTC) diminished, it fell from dominance levels close to 80%. Yet Ethereum (ETH) was able to mass this influence that was literally calling the shots then.
If the dominance of Bitcoin (BTC) falls the same way this time, Ethereum (ETH) will be the single most powerful beneficiary. However, unlike before, this time, the Ethereum domain (ETH) will be lower than the rest of the combined altcoins. While it may still have a lot of influence, it most likely will not call the shots as before. In fact, most cryptocurrencies will exchange on their own merits and demerits, which many of us would like to see. That said, the weekly chart above for ETH / USD shows that Ethereum (ETH) has just begun. It is very likely that it reaches a price of $ 4000 or more during its next cycle. This type of market capitalization will make Ethereum (ETH) the only most powerful entity in the cryptocurrency market after Bitcoin (BTC). Considering that Ethereum (ETH) has previously influenced the behavior of most altcoins, it is likely to continue to have a significant impact, if not total control.
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