Ethereum’s share of the cryptocurrency market rose above 10% on Tuesday, a level it hadn’t reached in several weeks. Over the past week, Ethereum’s value increased by nearly 9%, making it the best-performing major cryptocurrency.
Ethereum’s price is rising again, boosting optimism among investors. However, one analyst notes there’s no clear reason why the price has started to climb.
ETH Retakes 10% Market Share as Sentiment Improves
According to CoinGecko, Ethereum’s market value is approximately $233.2 billion. The overall cryptocurrency market has increased by almost 2%, now totaling just over $2.34 trillion. This means Ethereum accounts for a little over 10% of the entire crypto market, a level BIT analyst Markus Thielen recently noted as a significant milestone.
Thielen also pointed out that historically, when Ethereum’s share of the crypto market increased, it usually happened during times when prices were going up. Currently, Ethereum had risen by over 4% in the last day, but the analyst couldn’t pinpoint a specific reason for this increase in its dominance.
Several prominent figures in the crypto market seem to be reacting to a shift in sentiment. For example, Arthur Hayes, co-founder of BitMEX and a well-known crypto trader, recently purchased over $2.5 million worth of Ethereum (1,332.5 ETH) today. This follows a similar $2.5 million purchase of 1,293 ETH on June 16th.
In its market analysis published on July 21st, BIT reported that initially negative market reactions – caused by renewed conflict between the US and Iran and briefly pushing Bitcoin (BTC) below $62,000 – were overcome by surprisingly low US inflation figures. By the end of the week, BTC had recovered to close above $65,000, a nearly 4% increase. Ethereum (ETH) performed even better, gaining over 7% and finishing above $1,900 – marking its second week of stronger gains compared to Bitcoin. This improvement also increased the ETH/BTC ratio from a low of 0.0264 in June to 0.0293.
Institutional Positioning Shifts Toward Ethereum
As of today, the second-largest cryptocurrency is still valued at over $1,900. It has increased by roughly 8.8% in the past week and over 12% in the last month.
This past week, one digital asset significantly outperformed the top ten by market capitalization. XRP and Bitcoin closely followed, increasing by over 6% and around 5.7% respectively. Ethereum also experienced a large surge in daily trading volume, rising by more than 31% to reach $11.6 billion.
According to a recent report from BIT, even with Ethereum’s price increasing, funding rates for perpetual contracts have stayed near zero and expected market fluctuations haven’t changed much.
The analysis showed that large investors primarily bought call options, making up over 75% of Ethereum block trades. Smaller, individual investors, however, generally preferred call spreads, which allowed them to potentially profit from price increases without risking a large amount of money.
2026-07-21 17:29