From a forum.
1Q24 rally : expectations were directional, with the entire asset class coming off lows ; expectations for ETH to overtake XBT were due to past 4-year cycle peaks where there was less competition for ETH.
2024 : market forces however delivered the message that the ETH, ADA ecosystems are under significant competition from others like SOL, AVAX, and others ; XBT doesn't compete with those, it competes with LTC, BCH.
2Q,3Q24 fade : so during a period of consolidation, XBT's market dominance has risen from 50+ to 60+ %, in a flight to safety, with everything else except SOL losing share.
This should tell you something. One must look closely at market dominance for the top 50 currencies to have the appropriate context. XBT is 50-60%, ETH is 10-15%, SOL is 3+%, etc. so during value-season, there is a shakeout to figure out fair-value. Now we are shifting from value-season to growth-season, where there will be a race to figure out max-value.
If in doubt about local phenomena, always zoom out to observe the universal context.
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