Ethereum’s dominance over Bitcoin is approaching, nothing more to turn around?

• Ethereum’s price dominance over Bitcoin and the rest of the crypto industry continued throughout the month of October.
• Analysts at crypto intelligence platform Santiment believe Ethereum’s dominance is coming to an end as activity on ETH addresses slows.
• Analysts remain bullish on the Ethereum price, despite declining dominance, set a $10,000 target for the altcoin.

Ethereum flipping Bitcoin is a narrative where ETH’s market capitalization exceeds BTC. This narrative gathered steam as Ethereum’s dominance over the crypto market climbed and it became popular after the transition from proof-of-work consensus mechanism to proof-of-stake.

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Ethereum price dominance continues through October

Ethereum, the second largest cryptocurrency by market cap, witnessed a massive breakout earlier this month. ETH returned a 24% gain for its owners in the past week, and the altcoin recovered losses from earlier this cycle, in the bear market.

Ethereum price climbed above the key $1,400 level and maintained its uptrend, reaching a monthly high of $1,645 on October 29. The altcoin’s rally has been attributed to its growing dominance, bullish sentiment among ETH holders and its deflationary nature.

Based on data from crypto intelligence tracker Santiment, Ethereum’s price dominance over Bitcoin and most cryptocurrencies continued throughout October. Although the altcoin’s dominance is now coming to an end, it stands at 18.3%. As the Ethereum price witnessed a breakout past the $1,400 level, a large number of new ETH addresses were created.

An increase in address activity is considered a driver of an asset’s price appreciation. That’s why analysts at Santiment argue that a revival of Ethereum’s address activity could fuel a confident rally in the altcoin.

Ethereum dominance and address activity

Analysts remain positive on the Ethereum price rise

@Pentosh1, cryptoanalyst and trader evaluated the ETH/USDT price chart and identified new areas. Ethereum price turned the resistance to support, therefore $1,516 is now the low area, $1,650 is the middle and the $1,783 level is the new high area for the altcoin.

ETH/USDT exchange rate chart

A breakout past the range high, followed by confirmation of the uptrend can therefore signal a continuation of the altcoin’s rise. SmartContracter, a pseudonymous analyst on Twitter, remains bullish on Ethereum’s price rally to the $10,000 level, a long-term bullish target.