Ethereum\u2019s market dominance climbed back above 10% on Tuesday after weeks below that level, while the token outperformed every other top-10 cryptocurrency with an almost 9% gain in the last seven days.<\/p>\n
The move has rekindled bullish sentiment around ETH, even though one analyst is cautioning that no single event appears to have triggered the latest rally.<\/p>\n
Data from CoinGecko shows Ethereum\u2019s market cap at around $233.2 billion, with the total crypto market up nearly 2% and valued at just over $2.34 trillion. That put ETH\u2019s share of the market at slightly more than 10%, a figure BIT analyst Markus Thielen described<\/a> as a \u201cpsychologically important\u201d threshold in a July 21 update.<\/p>\n Thielen also noted that when ETH dominance rose in the past, it often coincided with conditions that favored bullish traders. Indeed, at the time of writing, ETH had gained over 4% in 24 hours, but according to the analyst, there was \u201cno immediate catalyst\u201d behind the rise in dominance.<\/p>\n Some big names in the market appear to have picked up on the changing mood, with BitMEX co-founder and avid crypto trader Arthur Hayes spending<\/a> over $2.5 million on 1,332.5 ETH earlier today. That was his second multi-million dollar splurge on the token in a week after earlier buying<\/a> 1,293 others for a similar amount on June 16.<\/p>\n BIT\u2019s weekly market watch, also published on July 21, argued<\/a> that last week\u2019s softer-than-expected US inflation data had reversed a rough start to the week, one that had briefly pushed Bitcoin (BTC) under $62,000 after conflict between the US and Iran flared again. BTC closed that week above $65,000, up almost 4%, while ETH added over 7% in the same period, ending up above $1,900 and marking its second consecutive week of outperforming Bitcoin. This also lifted the ETH\/BTC ratio to 0.0293 from a June low of 0.0264.<\/p>\n At the time of writing, the world\u2019s second-largest cryptocurrency was still trading well over the $1,900 mark, having gained about 8.8% in one week and more than 12% in the last 30 days.<\/p>\n That weekly performance was the best among the top ten digital assets by market cap, with XRP and BTC following closely after jumping more than 6% in XRP\u2019s case and about 5.7% in BTC\u2019s case in that period. ETH\u2019s daily trading volume also saw a huge uptick, adding more than 31% to the previous day\u2019s amount to hit $11.6 billion.<\/p>\n Beyond spot prices, BIT\u2019s report said perpetual funding rates have remained close to neutral despite ETH\u2019s gains, while implied volatility stayed relatively subdued.<\/p>\n It also noted that institutional investors appeared to favor call options, with buy-call activity accounting for more than three-quarters of Ethereum block trades, while retail participants largely opted for call spreads to gain upside exposure with limited cost.<\/p>\n The post Ethereum Reclaims 10% Market Dominance as ETH Outperforms Top Cryptocurrencies<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Ethereum\u2019s market dominance climbed back above 10% on Tuesday after weeks below that level, while the token outperformed every other top-10 cryptocurrency with an almost 9% gain in the last seven days. The move has rekindled bullish sentiment around ETH, even though one analyst is cautioning that no single event appears to have triggered the […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-201843","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/201843"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=201843"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/201843\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=201843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=201843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=201843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Institutional Positioning Shifts Toward Ethereum<\/h2>\n