Doctor Profit noted in a recent post that the Ethereum price has finally broken through the 50EMA on the weekly chart after nine consecutive weeks of rejection. This breakthrough, he suggests, is a positive indication that Ethereum will likely hit more ambitious targets in the weeks to come. The leap beyond the 2,600 EMA50 level coincided with a broad market rally.

Bitcoin has spearheaded this rally, reaching new record highs. Consequently, it is predicted that Ethereum will follow suit, with its annual high of $3,600 now within sights. If Ethereum manages to reclaim this level, it could potentially set the stage for reaching the psychologically significant $4,000 mark.

Crypto analyst Rekt Capital drew attention to Ethereum’s increasing market dominance. He remarked that Ethereum’s current dominance pattern will not mirror the events of 2019 and 2020, but the recent rise to a 10% dominance level suggests Ethereum’s intention to claim a larger share of the market in the coming months.

BitMEX co-founder Arthur Hayes also expressed his expectation for Ethereum to make its move. In a recent post, he projected that Ethereum could soar as high as $10,000 during this uptrend. He made this prediction while showcasing Ethereum’s chart against Bitcoin, indicating his agreement that Ethereum’s market dominance is set to increase.

According to crypto analyst Mikybull Crypto, Ethereum’s movement will be the catalyst for the upcoming altcoin season. He mentioned that Ethereum is adhering to the Wyckoff re-accumulation schematic, and its push towards the $3,000 “SOS” level will trigger substantial activity amongst altcoins. His chart also shows his expectation for Ethereum to reach as high as $3,200 in the short term.

Mikybull Crypto has also hinted at a potential altcoin season due to Bitcoin’s dominance declining even as its price rises. This development suggests a bullish outlook for Ethereum and other altcoins, which are predicted to outperform Bitcoin during this period. As per Mikybull Crypto’s prediction, Ethereum could hit the $10,000 mark in this market cycle.

As of now, Ethereum is trading approximately at $2,988, a rise of over 7% according to data from CoinMarketCap.

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Let’s remind ourselves that bitcoin’s value concluded last week on an optimistic note after plummeting below $75,000, its lowest in five months. A temporary halt to tariffs for nearly all countries (except China) resulted in a substantial surge on Thursday and Friday, with BTC ending the week around $82,000.

Contrary to the preceding week, the past weekend saw a mild bullish trend with bitcoin climbing to $85,000 by Sunday night. The upward momentum continued into Monday with BTC touching $86,000 before facing immediate resistance. Despite a $3,000 drop within a day, bitcoin rebounded later that day, reaching a multi-week high of $86,500.

Another rejection ensued, leading to a similar drop. Wednesday saw comparatively lesser volatility when BTC aimed at $86,000 but was quickly halted by Federal Reserve Chair Jerome Powell’s assertive statements on interest rates and warnings about the perils of the ongoing tariff conflict.

Nonetheless, bitcoin has been hovering between $84,000 and $85,000 for most of the week. Even though altcoins like Bitcoin Cash and Solana have outperformed BTC on a weekly basis, bitcoin’s market dominance has only been reinforced lately.

It has surpassed the 60% mark on most data aggregators, similar to the scenario four years ago. But this time, its impact is far greater due to the existence of millions of coins, unlike in 2021.

Market Data
Market Cap: $2.75T | 24H Vol: $60B | BTC Dominance: 60.9%
BTC: $84,450 (+2.3%) | ETH: $1,585 (+1.2%) | XRP: $2.06 (+3%)

For a comprehensive price analysis of Ethereum, Ripple, Cardano, Hype, and Solana, click here.

The post Bitcoin’s Market Supremacy Bolsters Amid Global Financial Turbulence: This Week’s Crypto Recap appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Matrixport pointed out the rising dominance of Bitcoin as a clear indication that the rally of altcoins was ephemeral. The rally had a lifespan of just around a month, commencing with the election of US President Donald Trump in November and concluding in early December. This coincided with a surprisingly robust US job report, which shifted the market’s focus towards a potentially more assertive Federal Reserve.

Typically, Bitcoin’s dominance dwindles towards the end of market cycles as capital is redirected towards altcoins — digital currencies other than Bitcoin. However, it seems the recent trends have deviated from this norm.

In January, the US Federal Reserve chose to maintain steady interest rates rather than introducing another series of reductions, influenced by the healthy US job data. The assertive tone of the Fed affected stocks and cryptocurrencies adversely, with Bitcoin’s spot price dropping by about 20% following the central bank’s announcement on January 29th.

As of March 12, Bitcoin is trading at approximately $82,750. However, it reached a record-breaking high of over $109,000 in December. Altcoins, typically more susceptible to macroeconomic fluctuations than Bitcoin, have suffered more.

“Astute traders have moved their investments from altcoins to Bitcoin. Despite its own decline, Bitcoin has significantly outperformed the broader crypto market,” Matrixport commented.

The future rally of Bitcoin largely depends on whether the Fed decides to increase interest rates to ward off inflation. On March 12, the February Consumer Price Index — a measure of US inflation — was lower than anticipated at around 2.8%, marking the first decline in both Headline and Core CPI since July 2024.

“Inflation is slowing down in the US,” reported The Kobeissi Letter in a post. Data from the CME Group, a US derivatives exchange, suggests that the market overwhelmingly anticipates the Fed to keep rates steady at its next meeting in March.

The post Bitcoin Reigns Supreme as Altcoins Struggle: Study Reveals appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.