Ethereum (ETH) Will Now Get More Attention Than Bitcoin, Here’s the Reason — TradingView News

Market sentiment is moving at a very rapid pace, with Bitcoin BTCUSD and Ethereum ETH/USD dominant social trends. According to market analyst Michael van de Poppe, with Bitcoin’s continued decline in dominance, Ethereum could take over these social conversations in the future.

Change in investor focus

As van de Poppe spotted, Bitcoin’s dominance has plateaued at 58%, setting the tone for Ethereum to step into the spotlight. Van de Poppe noted that the Ethereum spot ETF product will shape the futures narrative, as investors look for the next things that can spark optimism.

#Bitcoin dominance continues to peak at 58%.

In this regard, it seems likely that we will have more attention on Ethereum rather than Bitcoin in the coming period due to the Ethereum ETF. pic.twitter.com/bVRk9uwUSy— Michaël van de Poppe (@CryptoMichNL) June 25, 2024

Bitcoin hasn’t helped the market much lately as its price has continued to fall, leading to bearish sentiment for other altcoins. At the time of writing, Bitcoin price recorded a slight rise of 0.24% to $61,324.10 after falling to $60,660 during the early morning trading session.

The majority of altcoins are notably decoupled from Bitcoin, with Solana like SOLUSD outperforming the market, with prices soaring 9.11% to $138.59. As Bitcoin fails to scale up as needed, decoupling has extended to Chainlink LINKUSD and Toncoin (TON), among others, all of which are now up 5.69% and 5.4% at $14 and $7.612, respectively.

Spotlight on Ethereum

So far this month, Bitcoin ETF spot market trends, marked by a sustained outflow, have spoiled any chance of a near-term recovery. Most of the rally the market has seen so far has come from Ethereum as the US SEC ended its securities investigation into the asset.

As it stands, the ecosystem is now awaiting the potential approval of S-1 filings which will ultimately pave the way for ETF trading. Although experts have predicted that the volume of the product may be lower, it is still considered the main catalyst that could break the current bull and bear market uncertainty.

Fuente