The founders of the analytical firm Glassnode foresee that Bitcoin 
$104,715 may achieve new all-time highs in the near future. Jan Happel and Yann Allemann stated on the social media platform X that Bitcoin could rise if the US Dollar Index (DXY) begins to decline.
Relationship Between the Dollar Index and Bitcoin
The DXY is an indicator that measures the value of the US dollar against six major currencies. Traders closely monitor the DXY because a weak DXY indicates that investors are shifting towards risk assets such as stocks and cryptocurrencies instead of the dollar.
Happel and Allemann wrote:
“Bitcoin and DXY: a tight dance. Bitcoin closely followed the DXY, especially after the US elections when the dollar reached new annual peaks. However, as the DXY weakens within the framework of easing policies and divergence begins, it suggests that Bitcoin will easily break new all-time records.”
The Strength of Ethereum in the Market
Despite Bitcoin’s decline, analysts indicate that Ethereum 
$3,867 maintains its market strength. Currently, Ethereum manages to increase its market capitalization even though it has depreciated against Bitcoin.
At the time of writing, Bitcoin is trading around $90,200, showing a decline of about 5% from its all-time high of approximately $93,500.
Ethereum has lost 4.39% against BTC and is trading at 0.03398 BTC (approximately $3,035). Bitcoin’s market dominance (BTC.D) stands at 61% relative to the total market capitalization of all cryptocurrencies.
Analysts suggest that the strengthening of Bitcoin’s market dominance could impact the demand for Ethereum. They express that the decline in the ETH/BTC ratio indicates that Ethereum is not losing value, but rather that Bitcoin’s strength is surpassing other market dynamics.
These developments in the Bitcoin and Ethereum markets present various opportunities and risks for participants. While the movements of the DXY can affect Bitcoin’s price, Ethereum’s market strength provides insights into the overall health of the cryptocurrency market. It is crucial for participants to monitor market trends closely and make informed decisions.
