Ethereum has surged ahead of Bitcoin this past week, showing resilience and strong market momentum in a bullish crypto landscape.

Ethereum's Dominance Over Bitcoin

ETH's performance highlights rising investor interest
In their latest report, Bybit, the world's second-largest crypto exchange, and Block Scholes, a data analytics firm based in London, revealed Ethereum's strong showing compared to Bitcoin. The report emphasizes Ethereum's growing open interest in perpetual swaps, contrasting with Bitcoin's slowed performance after briefly touching an all-time high of $99,531.

Market Data and Key Highlights

Analyzing Ethereum’s upward trajectory
Data from crypto.news indicates that Ethereum rose by over 8% during the week, outperforming Bitcoin's -1.6%. Ethereum achieved a weekly high of $3,682 on November 28. Meanwhile, Bitcoin's price dropped to $90,911 after reaching the historic $100K level. The contrasting trends point to a shift in market dynamics favoring Ethereum.

mpact of SEC Developments

Regulatory changes spark crypto optimism
The report credits part of Ethereum’s rise to the announcement of U.S. SEC Chair Gary Gensler’s resignation, expected in January 2025. This change has fueled optimism among investors, with many anticipating a more crypto-friendly regulatory environment.

Ethereum Leads Derivatives Market

Strong open interest and trading volume
The Bybit x Block Scholes report notes increasing demand for Ethereum call options, highlighting its leadership in trading volumes and open interest. In contrast, Bitcoin's derivatives market saw reduced demand for short-term options, signaling waning momentum.

Broader Market Trends

Altcoins join Ethereum's rally
Beyond Ethereum, other cryptocurrencies like XRP, Cardano, Stellar, and Polkadot also outperformed, benefiting from renewed market optimism. The growing interest across altcoins reinforces the market's shift toward broader diversification.