Ethereum Surpasses 13% Dominance, Outperforms Bitcoin in Q3 Amid Macro FUD
The cryptocurrency market is showing textbook signs of an altcoin cycle, where Ethereum (ETH) is outperforming Bitcoin (BTC). From a technical perspective, Bitcoin dominance has failed to break through the 60% level. This failure, combined with macro FUD and higher Treasury yields due to inflation and deficit worries, sets the stage for Ethereum's next potential surge.
Ethereum's dominance in the crypto market has crossed more than 13% this quarter, while Bitcoin's dominance is increasing at a much slower pace of around 1.5%. The data also reflects in crypto asset prices, where ETH price appreciated by over 20% in Q3 thus far, compared to Bitcoin's return of around 9%.
The potential breakout of the ETH/BTC ratio can't be ruled out, especially with Bank of America's recent actions. The bank sold off almost 70% of its MSTR shares and bought 29x more BlackRock ETHA shares, indicating institutional positioning that could support Ethereum's outperformance.