Glassnode: The market is still in a Bitcoin-driven cycle

TechFlow, May 15 — According to Glassnode data, Bitcoin's market dominance has declined from its peak of 64.4% on May 8, while Ethereum's dominance has risen to 9.75% (+3%), altcoin market share has increased to 22.35% (+2%), and stablecoin share has dropped to 6.3%. Although Ethereum and altcoin market shares have recovered somewhat, they remain below historical highs of 18% and 28.5%, respectively. Analysts note that technical indicators show Bitcoin breaking out of a multi-year wedge pattern, with MACD and open interest signaling weakness, while oversold readings and a rebound in Ethereum suggest bullish divergence, indicating capital may be rotating into Ethereum and high-quality altcoins. However, the overall market remains within a Bitcoin-driven cycle.