- Bitcoin dominance may be fading as Ethereum quietly gains strength, signaling a potential shift toward an altcoin-led market.
- Analysts say a true altseason hinges on Ethereum breaking out and showing sustained momentum despite lingering bear market fears.
Bitcoin Losing Dominance as Ethereum Steps Up
While Bitcoin continues to command center stage, a subtle shift in market dynamics may be taking shape. Crypto analyst Michaël van de Poppe believes investor attention is slowly transitioning from Bitcoin to Ethereum — a move going largely unnoticed due to lingering fear from past market crashes, often dubbed “bear market PTSD.”
Ethereum’s recent price performance supports this view. Since hitting a low of $1,472 in April, ETH has climbed 71%, outpacing Bitcoin’s gains in the same period. Van de Poppe suggests this is the beginning of an “Ethereum market,” driven by macroeconomic shifts like a weakening U.S. dollar and an improving business cycle that favors risk assets.
Altseason Hopes Hinge on Ethereum’s Strength
According to Van de Poppe, the return of altseason — a period where altcoins outperform Bitcoin — depends on Ethereum showing sustained strength. While the ETH/BTC ratio is up slightly (0.33% in the past 30 days), it’s still down over 32% from six months ago. However, some analysts remain optimistic. Crypto Fella highlighted the ETH/BTC ratio as the “most important chart to look at,” while another analyst, Ted, believes Ethereum could enter a parabolic phase if it breaks past $4,000.
Adding to the bullish sentiment is the growing success of spot Ether ETFs in the U.S., which have now recorded a record-breaking 19 consecutive days of inflows, totaling $1.37 billion since their July 2024 launch.
Bitcoin Season May Be Ending – But Is Altseason Ready?
Despite Ethereum’s progress, the broader market still favors Bitcoin, with CoinMarketCap’s Altcoin Season Index sitting at just 23 out of 100 — far from altseason territory. Still, Van de Poppe remains hopeful, stating, “If we want the altseason we all crave, Ethereum must show strength.”
As Ethereum begins to flex its muscles, the market may be standing at the edge of a new altcoin wave. The only question is — are investors ready to move past their bear market fears and embrace the shift?
