Bitcoin's Dominance Set to Surge to 66% as Institutional Adoption Grows

Bitcoin's dominance in the cryptocurrency market is expected to rise to 66% in the near future, according to market expert Peter Brandt. This prediction comes as Bitcoin price leads the wider market in a single percentage gain over the past 24 hours, with the total crypto market cap hovering at about $3.46 trillion.

Brandt believes that Bitcoin's rising adoption by institutional investors and potentially nation states will contribute to its growing dominance. He noted that the Bitcoin price has been ranging between $109k and $90k, and a consistent close outside this consolidation range could lead to a major breakout in the subsequent months. In case of a bearish breakout, Brandt has set a target of around $75k, while a bullish breakout could reach about $135.9k.

However, not everyone agrees with Brandt's bullish outlook on Bitcoin. Eric Trump, the executive vice president of the Trump organization, recently tweeted that it's a great time to consider Ethereum (ETH). After an impressive rally of over 500% in the past two years, Bitcoin's bullish momentum may slow down compared to the altcoin market in the near future. The ETH/BTC pair has been trapped in a multi-year falling trend but recently retested a crucial support level above 0.023, suggesting that an altseason could be on the horizon despite the rising Bitcoin dominance.