ETH Holding Onto Market Dominance as Broader Market Continues to Rally

The general market has been on a rally since the late last year 2020. The recent market domination by ETH and its breaking and doubling of its previous ATH are good signals of strength.

By
Wilfred Victor
on
May 4, 2021
Category:
Blockchain News

ETH Market Dominance

When compared side by side, BNB and ETH, both top crypto assets, have dominated the majority of the market share since the blowout of the DeFi. ETH has been “lagging” other large-cap altcoins, but the recent ETH rally has displayed ETHs continued dominance of market-share.

BNB and ETH comparison on Coinmarketcap

According to the Coin data platform Coinmarketcap, ETH has gained an impressive 35.26% over the last seven days and more than 12% in the last 24hrs. This is compared to BNB 12% over the previous seven days at the time of this review.

ETH-USDT Monthly Chart

Zooming out on the ETH-USDT Monthly chart shows a strong rally upwards; the market is currently at the $3500 zone, more than double its previous ATH of $1400. The momentum is not looking to wane anytime.

Looking at the ETH-BTC monthly chart still signifies a lot of room for the ETH market rally. ETH-BTC pair is a significant indicator for Altseason rally as it compares the price of ETH to BTC. 

ETH-BTC Monthly Chart 

Here, you can see the MACD and RSI indicators in a solid bullish divergence. RSI firmly above the 50 Band lines, the Blue MACD line already crossed over the Red MACD line from below, confirming an impending rally as seen on the two recent green candles.

BNB-USDT Monthly Chart

BNB-USDT is following the market rally, breaking its ATH and gaining a massive 1000% since the start of its rally. This comes at the heels of discovering the Binance Smart Chain (BSC) as a better alternative to ETH for the DeFi economy by the community.


BNB-BTC Monthly Chart

BNB-BTC Monthly shows a strong bullish run, indicated by the four recent strong bullish candles. Still, the momentum is getting weak judging by the position of the RSI. This could indicate a minor correction before the continuation of the rally after the monthly close. The correction is already happening on the daily and hourly time frame as of the time of this review.


Altseason Finally?

The general market has been on a rally since the late last year 2020. The recent market domination by ETH and its breaking and doubling of its previous ATH are good signals. Furter, the reduction of the Bitcoin Dominance is pointing to more Altcoin rallies, famously known as Altseason.

BTC.D Chart

Bitcoin Dominance (BTC.D) showing a reduction of its dominance is a generally accepted bullish signal for Altcoins.

Note: Altcoin refers to all other coins except bitcoin.

The market is in a bullish run; however, it is expected that users should apply proper risk management to their trades and investments as no season lasts forever. Market trends can change pretty fast.




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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.

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