Ethereum Flips Bitcoin Again—This Time in $114B Derivatives Showdown

Move over, Bitcoin—Ethereum just grabbed the derivatives crown. Again.

With $114B in volume, ETH''s derivatives market is now outpacing BTC''s. Traders are voting with their wallets, and Wall Street''s still trying to explain why.

Funny how the ''digital gold'' narrative doesn''t cover leveraged bets, huh?

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 upscaled with 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

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

At the time of writing, ETH is trading NEAR $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 recording a new all-time high by the year’s end. 

Also read: Hyperliquid Whale James Wynn Goes 40X Long on BTC, 10x Long on Pepe Coin