In the year 2023, Bitcoin, the number one cryptocurrency, celebrated a remarkable success. When compared to traditional assets, Bitcoin secured the top position. With a performance increase of approximately 105 percent in just one year, the BTC price more than doubled.
Meanwhile, Ethereum, the second-largest cryptocurrency, achieved “only” a 65 percent growth during the same period. Traditional ETFs like Nasdaq100, DAX, or S&P500 also experienced gains, but the volatile cryptocurrencies continued to maintain their leading position.
BTC dominance is a percentage representing Bitcoin’s share of the total market value of all cryptocurrencies. In recent weeks, this dominance has seen significant fluctuations and has now declined.
The reason behind this shift is the approval of the Bitcoin Spot ETF. While Bitcoin has dipped, Ethereum (ETH) has surged and claimed a portion of BTC dominance. In the meantime, among ETH investors, there is growing optimism that the United States might approve an Ethereum ETF next.
This development marks a pivotal moment in the world of cryptocurrencies, as Ethereum’s rise challenges Bitcoin’s long-standing dominance.
