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Bitcoin Dominance Grows But On-Chain Activity Shifts To Ethereum And L1 Networks – Insights

Bitcoin Dominance Grows But On-Chain Activity Shifts To Ethereum And L1 Networks – Insights

Sebastian Villafuerte
by Sebastian Villafuerte
5 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin (BTC) is trading below key support levels after massive selling pressure hit the market, fueling fear and uncertainty among investors. Since the start of March, BTC has lost over 19% of its value, triggering concerns that further downside may be ahead. The broader crypto market and U.S. stock market have both suffered as global trade war fears and volatile macroeconomic conditions continue to shake investor confidence.

Related Reading: Ethereum Tests Critical MVRV Levels – Failure to Hold $2,060 Could Send ETH To $1,440

Despite the downtrend, Bitcoin’s market dominance has been rising steadily since 2022, marking one of the longest periods of sustained growth in its history. This dominance reflects BTC’s resilience compared to altcoins, as investors turn to BTC during periods of uncertainty. However, while Bitcoin’s share of the market grows, active user engagement continues to decline.

On-chain data shows that Ethereum (ETH) and The Open Network (TON) have seen significant growth, with more on-chain activity shifting to these networks. As alternative Layer 1 blockchains gain traction, Bitcoin faces competition for transaction volume and user engagement. With BTC struggling to hold key levels, the coming weeks will be crucial in determining whether BTC can reclaim momentum or if further losses are ahead.

Bitcoin Downtrend Continues As Market Dominance Grows

Since late January, Bitcoin has been in a persistent downtrend, with fear and uncertainty driving the market lower. Many investors now believe the bull cycle is over as BTC struggles to hold key support levels, setting lower targets with each new wave of selling pressure. Bulls have lost control of momentum, and there are no clear signs of strong support, leaving the market nervous and pessimistic about the short-term outlook.

Despite the ongoing correction, Bitcoin continues to outperform altcoins, maintaining its dominance in the crypto market. Compared to riskier assets, BTC is still seen as a safer bet, especially as capital rotates away from high-risk tokens. Insights from IntoTheBlock on X reveal that Bitcoin’s market dominance has been on a steady rise since 2022, marking one of the longest sustained growth periods on record. This suggests that, even amid selling pressure, BTC remains the leading force in crypto, with investors showing preference for BTC over alternative assets.

Related Reading: Bitcoin & Ethereum Open Interest Drops By $1.37B – A Market Reset?

However, while Bitcoin’s market dominance is rising, its share of active users is declining. More on-chain activity is shifting toward Ethereum and other Layer 1 networks, such as The Open Network (TON), indicating that users are exploring alternative ecosystems for DeFi, NFTs, and payments. This trend raises questions about Bitcoin’s long-term utility beyond its role as a store of value.

Bitcoin and Other Networks Addresses Dominance | Source: IntoTheBlock on X
Bitcoin and Other Networks Addresses Dominance | Source: IntoTheBlock on X

With BTC trading at a critical level, the coming weeks will determine whether Bitcoin can stabilize and recover or if the current downtrend will continue, testing even lower support levels.

Bitcoin Struggles Below Key Moving Averages, Bears Gain Strength

Bitcoin is trading at $82,500 after failing to reclaim the 200-day moving average, a crucial technical level that often defines long-term trend direction. With BTC unable to push higher, bearish momentum continues to build, making it harder for bulls to regain control. Every day BTC remains below this indicator, bears gain more strength, increasing the risk of further downside pressure.

BTC struggles below 200-day MA and EMA | Source: BTCUSDT chart on TradingView
BTC struggles below 200-day MA and EMA | Source: BTCUSDT chart on TradingView

For bulls to initiate a recovery, BTC must hold current demand levels and push above $86,000, which aligns with the 200-day exponential moving average (EMA). A break and hold above this zone would signal renewed bullish momentum, potentially opening the door for a broader market recovery. However, without a strong push above resistance, BTC could remain stuck in a downtrend, making a return to higher price levels more difficult.

Related Reading: $1.8B In Ethereum Withdrawn From Exchanges In Largest Weekly Outflow Since 2022 – Details

If Bitcoin loses the critical $80,000 mark, it would be a dramatic shift, likely triggering another wave of selling pressure. This scenario could accelerate BTC’s decline, potentially sending it toward lower demand zones, further extending the current bearish trend. The next few trading sessions will be crucial in determining Bitcoin’s next major move.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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