- Bitcoin showed strength above $28,000 on Tuesday, while ether, uniswap and sui struggled.
- BTC's market share of all cryptos rose to 52%, its highest since April 2021.
- Bitcoin still has "the upper hand" among digital assets due to a potential spot BTC ETF approval and next year's halving event, ByteTree analysts said.
BTC, the largest digital asset by market cap, sunk to $28,100 early during the day before rising to near $28,500, slightly up over the past 24 hours.
Meanwhile, ETH showed weakness and dropped 1.8% to near $1,560 over the same period, marking a fresh 15-month low price relative to BTC. The broader digital asset market proxy, the CoinDesk Market Index, was slightly down by 0.6%.
Rising bitcoin dominance
The metric can go even higher, according to investment advisory firm ByteTree, as market participants yearn for a not-fake approval of a spot BTC exchange-traded fund and bitcoin's quadrennial halving approaches early next year, considered bullish for the asset's price.
"Crypto is much less risky today than at any time over the past two years," ByteTree analysts said in a Monday market report. "But, with halving close at hand, we sense bitcoin still has the upper hand for a while longer."
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