The crypto market remains under pressure, but Ethereum (ETH) is showing bullish signs as open interest surges. Meanwhile, XRP struggles and SUI aims to flip Avalanche (AVAX) in rankings.
Ethereum’s price is showing resilience amid a broader market downturn. As of writing, ETH is trading at $2,789.12, marking a 2.21% increase in 24 hours. In contrast, Bitcoin (BTC) is down 1.36%, trading at $96,634.
A key factor driving Ethereum’s recent strength is the increase in open interest in futures markets. Data from Coinglass reveals that Ethereum’s open interest has risen by 1.33% in the past 24 hours, with 8.57 million ETH ($23.94 billion) locked in futures contracts.
This uptick suggests growing trader confidence, hinting that Ethereum may decouple from Bitcoin and push towards $3,000. ETH recently bounced from $2,500, aligning with bullish forecasts for a sustained recovery.
While Ethereum is gaining momentum, XRP continues to struggle. The altcoin is down 5% in 24 hours, trading at $2,397. This decline comes despite XRP being considered a strong contender in the altcoin space.
Meanwhile, the rivalry between SUI and AVAX is intensifying.
With a market cap difference of just $340 million, SUI has a real chance of overtaking AVAX in rankings. SUI has hit multiple all-time highs (ATH) in this bull run, while AVAX has failed to reach a new ATH in over three years.
If market conditions improve, SUI could flip AVAX soon.
As two of the largest altcoins by market cap, Ethereum and XRP are likely to lead the next crypto market recovery.
Despite recent bearish momentum, XRP still has strong fundamentals that could trigger a price surge.
With Ethereum showing strength, SUI closing in on AVAX, and XRP ETF discussions heating up, the altcoin market is gearing up for a potential recovery.
The post Ethereum Open Interest Rises as XRP Bears Dominate – What’s Next? appeared first on Cryptos Newss.
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