The recent approval of spot Bitcoin ETFs sparked a shift in the market as investors began to sell and rotate their capital into Ethereum, Solana, and other altcoins.
Glassnode analysts analyzed this trend and found that after the collapse of FTX, Bitcoin’s dominance increased from 38.9% to 49.8%, mainly due to stablecoins and altcoins.
Meanwhile, Ethereum’s capitalization only saw a slight decrease from 18.9% to 18.2%. Experts also noted a growing optimism for the potential approval of spot Ethereum ETFs, following the recent registration of similar products based on digital gold.
This positive sentiment has resulted in a significant increase in the ETH/BTC rate, with a growth of more than 20% in recent weeks.
This marks the best performance for Ethereum since the end of 2022 on a quarterly, monthly, and weekly basis. Consequently, the combined share of Ethereum and other altcoins has risen by 2.9%, reaching 26.8%.
