Is ETH the New Crypto King? - Bitcoin's Market Dominance Dips

Bitcoin's market dominance which reached its peak at 54.3% before dipping to 52.7%, suggests that traders are embracing additional risk by exploring Ethereum (ETH) and other altcoins. Furthermore, trading volume has diversified, with Bitcoin trading at up to three times the volume of ETH in mid-October, but that ratio has now reduced to just double the volume.

Additionally, the perpetual futures funding rate for both Bitcoin and Ethereum is trading at elevated levels, indicating growing interest in undervalued altcoins.

The breakout above the 1,740 level is a strong signal, providing a trading opportunity for those looking to take a long position in ETH.