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Amid the recovery of the wider market, the price of Bitcoin jumped to a weekly high above $ 30,700. According to a recent video broadcast by Altcoin Daily, Bitcoin is currently breaking history by falling for 9 weeks in a row.
So, there will be rejection in the end, somewhere, at some point.
The dominance of Bitcoin and the bear market
Aren’t everyone aware of the dominance of Bitcoin in the bear market? Despite the fact that Altcoins have better results, BTC continues to dominate the chart during the bear cycle.
So, on a weekly scale, the dominance of BTC from around 2016 to where it is now in 2022. Going back in time, you can see that in 2016 there was a bull market that lasted until the very end of 2018. So in the Bull market, BTC fell from about 95 percent dominance to only 35 percent dominance in the next two years.
The analyst excavated data from 2018 to 2022 to answer this query.
More specifically, he noted that during the bear market there were positive signals of BTC dominance, which climbed from just 35% at the end of 2017 to over 70% at the beginning and even at the end of 2020, before the bull market.
occurred, bringing BTC dominance back to 39%. And it was at this point that the Bull market reached its peak. Although altcoins are currently down 40, 50, and even 70 percent, one can always think that this is just the beginning of BTC’s dominance.
The pattern has changed dramatically. To keep up with the trend, you should follow it closely.
What's next for Ethereum?
The chart shows the next Ethereum. According to the daily chart, this is the second most popular altcoin.
Let’s talk about Ethereum number two, which has a 17.1 percent market share. Clearly, a significant part of the market. Heath is growing more and more against cryptocurrencies, but it is losing ground compared to Bitcoin.
So while it is a strong candidate in terms of market share, it is still below Bitcoin.
ETH 2.0, the upgrade can change the game!
But let’s be specific because there is something new in this cycle that was not in previous cycles: the number of gaps, usage cases and activities on the Ethereum network, not to mention the ETH 2.0 upgrade, which is happening this year.
Improvements to the Ethereum platform may make it more attractive and sustainable for mass use, but experts are waiting to see how investors and companies that create technology on the Ethereum platform will respond to change.
Who is more valuable Bitcoin or Ethereum 2022?
Let’s talk about what everyone should do now with their cryptocurrency. So which is the better bet: Bitcoin or Ethereum? Referring to the BTC chart, it can be seen that Bitcoin worked in 2020, after the fall of the pandemic.
Bitcoin had good results in the 20s and 21s, but its control eroded significantly in 2021 as all the coins went up. But it wasn't always like this. When you look at the dominance of BTC from late 2020 to early 2021, you will notice that as the value of Bitcoin has grown, so has its dominance.
It again exceeded 70% of the dominance.
What is better than a BTC or ETH investment point?
According to analysts, both BTC and ETH currently have good results, but if you have to choose between the two, you should choose Bitcoin because Ethereum is less likely to become more popular in 2022 than 2021.
It is possible that it will reappear by 2023, probably 2025, and they’re just getting bigger.
This is the year of 'make-or-break'
While no one knows if Bitcoin dominance will return to its previous high of over 70%, it could easily return to support of around 50% to 55%, which the market has experienced many times before.
That doesn’t mean altcoins are dead. Altcoins are currently consolidating, and good projects will appear stronger in the next Bull market. Due to the dominance of Bitcoin, there may be a future rejection and some of these coins begin to appreciate the value in USD. The year 2022, or at least the next few months, will be the year of Bitcoin.
