Ether (ETH) has surged past the $4,000 mark, reaching $4,012 on major exchange Bitstamp. This milestone, achieved for the first time in eight months, reflects a growing bullish trend for the second-largest cryptocurrency and suggests a notable shift in market dynamics.
Accompanying Ether’s price rise is a measurable decline in Bitcoin’s market dominance, which has recently fallen below the 60.7% threshold. Analysts observe a trend where Ether is capturing a larger share of the overall cryptocurrency market capitalization from Bitcoin.
Key factors contributing to Ether’s upward momentum include significant purchases by large holders (‘whales’) and an increasing preference among investors for ETH over Bitcoin. Market analysts suggest that Ether appears to be entering a ‘reaccumulation zone,’ indicating potential for further price appreciation.
Conversely, Bitcoin’s market share is seen facing an ‘inevitable’ period of decline. Data from exchange order books further highlights immediate market conditions, revealing a substantial cluster of leveraged long positions vulnerable to liquidation just below the $3,960 support level, signaling potential market readiness for additional ETH price action.