Data from previous crypto market cycles suggests that Bitcoin (BTC)’s dominance over altcoins will likely keep rising over the next several months, according to Glassnode.
In a newly published report, the blockchain and market intelligence outlined how the leading crypto asset’s dominance is shaping up against the second largest crypto, Ethereum (ETH), compared to previous years.
Ethereum Beating Gold, But Losing to BTC
When weighed against gold, Bitcoin has appreciated by 93% this year, with the former’s price per ounce staying relatively contained under $2000. ETH, by contrast, has only appreciated by 39%.
According to Glassnode, while both assets have experienced “similar magnitude downswings” throughout the year, upswing periods have seen more substantial gains for BTC. Glassnode writes:
“Prior cycles have seen ETH drawdown to depths of over -50% on a relative basis during the bear market recovery phase, with the current drawdown reaching -38%.”
Glassnode said that ET
We współpracy z: https://cryptopotato.com/bitcoin-dominance-is-still-in-its-expansion-phase-glassnode/
