Ethereum (ETH) Continues Dominating Bitcoin (BTC) by Surpassing It in Another Key Metric

In its prime run, Ethereum has continued making headlines with it surpassing Bitcoin in another key metric

In a surprising turn of events, Ethereum has surpassed Bitcoin in another key metric. According to the latest data from Coinglass, 24-hour trading volume for Ethereum perpetuals hit $114.74 billion on 11 June. This is significantly higher than Bitcoin’s 24-hour trading volume, which stands at $80 billion.

To put this into perspective, the entire global equity market cap, as of January 2023, is estimated to be around $103 trillion. To compare, the total crypto market cap currently stands at $1.2 trillion.

This shift comes while Ethereum recently outpaced Bitcoin in spot ETF inflows, largely due to increased institutional interest in the second-largest crypto.

The data further shows that the total open interest (OI) for Ethereum perpetuals has also surged to a record high of $41.67 billion. High levels of OI indicate intense activity in the derivatives market, with traders placing large speculative trades.

Bitcoin, which usually dominates the crypto markets in every aspect, has been outshined by Ethereum since the past few weeks. While most of the market chatter and headlines surround Bitcoin, Ethereum has fundamentally scaled up with respect to major developments this year. Its aim of a DeFi-focused ecosystem has matured notably, with it still dominating the market with a significant share.

ETH Price Continues Soaring

This traction has led Ethereum (ETH) price to surge with sharp gains. Over the past month, the ETH price has been breaking through multiple barriers, positioning it as one of the top-performing blue-chip crypto assets.

At the time of writing, ETH is being traded at $2,787—up 5.91% in the past 24 hours. Its daily trading volume has seen a boost of 28%, which currently sits at $33.69 billion.

The next few months will be crucial for Ethereum as it embarks on a new journey to challenge Bitcoin in various aspects. Analysts are expecting it to break above $3,000 by this month, while anticipations are around it reaching a new all-time high by the year’s end.