Ethereum News Today: Ethereum Surges Past $4,300 as Bitcoin Dominance Drops to 60.74%

Ethereum has recently surged past $4,300, reigniting discussions about the possibility of a "flippening"—a scenario in which the cryptocurrency could surpass Bitcoin in market value. This development coincides with a decline in Bitcoin’s dominance, which currently stands at 60.74%. Analysts have observed that historically, similar declines in Bitcoin’s dominance have often preceded Ethereum reaching new all-time highs. The recent momentum is supported by strong technical indicators and a noticeable uptick in institutional interest in Ethereum [1].

Significant over-the-counter (OTC) activity has also accompanied Ethereum’s price surge, indicating robust participation from large investors and institutions. In one notable instance, $160 million in ETH was moved to Galaxy Digital within an hour, including a single transaction of 4,500 ETH valued at $18.99 million. Such movements highlight growing liquidity challenges in the ETH OTC market, especially for large-scale investors. Vitalik Buterin, Ethereum’s co-founder, now holds over $1 billion in ETH, further reinforcing the asset’s institutional appeal [1].

Despite these developments, the broader market is still considered to favor Bitcoin. The CoinMarketCap Altcoin Season Index is currently at 38/100, suggesting that altcoin activity has not yet reached a peak. However, some analysts, including Joao Wedson of Alphractal, anticipate a broader altcoin season in the near future. Wedson noted that capital typically flows first from Bitcoin to Ethereum and then into smaller-cap cryptocurrencies. He suggested that Ethereum’s current momentum could signal the beginning of an extended altcoin season that may continue until November [1].

Ted Pillows, a partner at OKX, outlined a potential rotation pattern in the market, in which Ethereum could break its all-time high and trigger a short-term altcoin season. Following this, capital could return to Bitcoin, potentially pushing BTC toward $140,000. Lukas Enzersdorfer-Konrad of Bitpanda echoed this sentiment, observing that recent altcoin gains indicate investors are becoming more open to taking on risk beyond Bitcoin and Ethereum [1].

Glassnode data further supports the Ethereum narrative, showing that Ethereum’s Net Capital Change has outpaced Bitcoin’s. Analyst Ali Martinez emphasized that this trend could indicate a shift in market dynamics in favor of altcoins [1].

At the time of writing, Ethereum is trading at $4,298, up 1.72% in the last 24 hours. The rising price, combined with favorable technical indicators and growing institutional interest, has elevated Ethereum’s profile as a serious contender in the cryptocurrency market [1].

Source:

[1] Ethereum's $4300 push meets falling Bitcoin dominance – Is a flippening next? (https://ambcrypto.com/ethereums-4300-push-meets-falling-bitcoin-dominance-is-a-flippening-next/)