Curious movements that we are seeing these hours between BTC and ETH.
As you already know, the Ethereum network's planned Shanghai hard fork is nearly here, it is something that will happen very shortly.
Most of us think that the possible release of 18 million ETH to the market is more than certain. This would mean that, suddenly, a value of $33 billion at the time of writing has the potential to impact the total cap of the crypto market to a greater or lesser extent...usually favoring sellers.
However, seeing what is happening these last hours with the dominance of BTC and ETH, it does not seem that this is going to happen suddenly.
BTC is losing dominance right now...
While ETH is gaining?
Obviously, this phenomenon has been happening for barely two hours, before, BTC was rising in dominance and ETH was going down as expected.
In any case, I still think that many ETHEREUM stakers will take advantage and sell their precious tokens to avoid being the last to do so, if you are currently trading LONG on ETH maybe now is the best time to close positions although, as we already know, many times the market acts in the opposite way to reasoning.
If BTC kept losing dominance, we could hope for the altcoin season. this is first sign for the coming bull run.
At present if we look at the market, the market has started to move up and the good thing is Bitcoin dominance has started to coming down.