Bitcoin's market dominance has now climbed back above the 57% level, according to data provided by TradingView.
On Aug. 25, it peaked at 57.6%, coming close to reaching a new 2024 peak.
Earlier this month, Bitcoin dominance surged to 57.7% reaching its highest level since April 2021.
Ethereum, the main Bitcoin competitor, has been lagging behind the major cryptocurrency despite the recent launch of spot ETFs in the U.S.
Alex DovbnyaAs reported by U.Today, cryptocurrency analyst Tuur Demeester recently predicted that the ETH/BTC pair could end up collapsing to as low as 0.03 BTC.
Bitcoin dominance is now up 11% since the start of the year with no altcoin season in sight. In March, the leading cryptocurrency reached its current peak, but it has since pared some gains. Bitcoin managed to benefit from the highly successful launch of multiple spot ETFs that managed to revive interest in the flagship cryptocurrency in January.
Meanwhile, Bitcoin is now back into greed territory after swiftly recovering from a devastating crash that took place earlier this month.
The Fear & Greed indicator shows 55 points out of 100 as of Aug. 26. For comparison, the cryptocurrency was in "extreme greed" territory just a few weeks ago following a massive price crash.
Over the past week, Bitcoin spot ETFs attracted a net inflow of $506 million. BlackRock's IBIT accounted for the majority of these inflows with $318 million. The net value of these products now stands at $58.4 billion.
This week, Bitcoin could experience increasing volatility because of the upcoming macro data in the US, including the core PCE index for July.
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Godfrey Benjamin
Dan Burgin
Vladislav Sopov