For the First Time in Two Years, More Money Is Trading Ethereum Than Bitcoin

The cryptocurrency market is currently at a tipping point, with altcoins showing remarkable momentum while Bitcoin remains locked in a narrow range. Despite Bitcoin’s recent attempts to break higher, the flagship asset has struggled to overcome critical resistance levels.

At the same time, alternative cryptocurrencies are pushing ahead, fueled by investor enthusiasm, growing leverage, and shifting sentiment. This divergence has triggered a new phase of market dynamics, where altcoins now lead the rally, leaving Bitcoin in temporary uncertainty.

Bitcoin is stuck in a high-stakes range

According to analyst Michaël van de Poppe, Bitcoin remains stuck between approximately $115.6K and $119.5K. The repeated failure to break above resistance suggests growing indecision. A move above the upper boundary could signal the start of a bullish continuation, possibly setting up a test of a new all-time high.

However, failure to hold support at $115.6K could trigger a deeper correction. The zone between $110K and $112K may serve as an accumulation area, attracting buyers eyeing discounted entry points.

Significantly, the lower part of the range reflects a concentration of liquidity, making it vulnerable to a sharp sweep. Hence, any drop could cause ripple effects across the broader market, especially impacting altcoins, which tend to follow Bitcoin’s direction with higher volatility.

#Bitcoin is still stuck in the range, waiting for upside to come.

Breaking south & we’ll see a deeper correction on #Altcoins, which we should be interested in. pic.twitter.com/SdWuEa3yvY

— Michaël van de Poppe (@CryptoMichNL) July 23, 2025

Altcoins surge on record-high leverage

Meanwhile, Ether Wizz reports that altcoins are experiencing explosive growth. Open interest in leading altcoins including ETH & XRP hit a record $45 billion since the start of July. This signals heavy leverage and rising confidence among traders.

Moreover, Ethereum’s perpetual volume has now surpassed Bitcoin’s for the first time since 2022. This shift highlights a growing preference for altcoins among active market participants.

In sectors like AI tokens, DeFi, gaming, and meme coins, gains have outpaced Bitcoin over the past week. Additionally, long-term ETH holders are refusing to sell.

The cost basis heatmap indicates strong positions above $2.4K. This shows confidence, but also sets the stage for potential volatility if momentum reverses.

Altcoins are going crazy right now, and it’s not just hype.

Open interest on top altcoins just hit an all-time high of $45B.

That means traders are piling in with more leverage than ever before.

And it’s not just one sector, every major crypto sector has outperformed Bitcoin… pic.twitter.com/o5SXoVEjkI

— Ether Wizz (@EtherWizz_) July 23, 2025

Shifting Sentiment and Legal Clarity Fuel Growth

Data from CryptoRank confirms Bitcoin’s dominance is sliding, even as its price trends upward. Altcoins have gained significant traction, especially in the latter half of July.

Source: X

Key driver behind this shift is new legislation signed by President Trump. The regulatory move offers clearer legal guidelines for crypto assets, which is boosting investor sentiment and institutional interest.

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