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ETH 
XRP Ethereum's market share returns to 10%, ETH leads the rise in mainstream cryptocurrencies
On Tuesday, Ethereum's market dominance rate climbed above this level after several consecutive weeks of below 10%. In the past seven days, the token has outperformed all other top ten cryptocurrencies by market capitalisation by nearly 9%.
This trend rekindled bullish sentiment on ETH, although analysts warned that no single event appeared to have triggered this latest rally.
Market sentiment improved, and ETH regained 10% market share.
CoinGecko data shows that the market value of Ethereum is approximately US$233.2 billion, while the total market value of the entire cryptocurrency market rose nearly 2%, reaching approximately US$2.34 trillion. This puts ETH's market share just above 10%, which BIT analyst Markus Thielen described as a "psychologically important" threshold in a July 21 update.
Thielen also pointed out that in the past, when ETH dominance rose, it often coincided with market conditions that favored long traders. In fact, as of press time, ETH had risen by more than 4% in 24 hours, but according to analysts, there was "no direct catalyst" behind the rise in the dominant rate.
Some market celebrities seem to have noticed this mood change. BitMEX co-founder and active cryptocurrency trader Arthur Hayes spent more than $2.5 million on 1,332.5 ETH units earlier today. This is the second time he has made a big purchase of the token in a week-he had previously purchased 1293 ETH units for a similar amount on June 16.
In its weekly market watch, also released on July 21, BIT pointed out that last week's U.S. inflation data was weaker than expected, reversing the difficult start that briefly pushed Bitcoin below $62,000 at the beginning of the week due to the renewed escalation of the U.S. -Iran conflict. Bitcoin closed above US$65,000 that week, an increase of nearly 4%; while ETH rose more than 7% over the same period to close above US$1900, outperforming Bitcoin for the second consecutive week. This also pushed the ETH/BTC ratio to 0.0293 from a June low of 0.0264.
Institutional positions tilt towards Ethereum
As of press time, the world's second-largest cryptocurrency is still well above the US$1900 mark, with an increase of about 8.8% in the past week and more than 12% in the past 30 days.
This week was the strongest among the top ten digital assets by market capitalisation, followed by XRP and Bitcoin, rising more than 6% and about 5.7% respectively over the same period. Daily trading volume of ETH also rose sharply, increasing by more than 31% from the previous day to US$11.6 billion.
In addition to spot prices, BIT's report pointed out that despite the rise in ETH, perpetual contract funding rates are still close to neutral levels and implied volatility is relatively low.
The report also mentioned that institutional investors seem to prefer call options, with call option buying accounting for more than three-quarters of Ethereum's bulk transactions, while retail participants mostly choose call spread strategies to gain upside exposure at limited cost.
