Key Points:

• Bitcoin and the CoinDesk 20 Index have shown minimal change, while Ethereum (ETH) and Solana (SOL) are outperforming Bitcoin.
• Current open interest has risen to $114 billion, featuring positive funding rates for most tokens. Significant liquidation clusters for Bitcoin are identified at $110K and $112.2K.
• Bitcoin’s market dominance has declined from 61% to 57% over the past month, indicating a shift towards altcoins, similar to past cycles where dominance dropped as low as 39%.

Detailed Overview:

Bitcoin is currently trading in a narrow band around $111,000, showing a decline of 2.9% over the past 30 days. The dominance of Bitcoin has decreased from 61% to 57%, reflecting a growing optimism for altcoins. In contrast, Ethereum (ETH) has seen a 1.1% increase since midnight UTC, while Solana (SOL) is up by 0.43%, marking gains of 21% and 27.5% respectively in the past month.

Liquidation Insights:

Liquidation updates indicate a total open interest across perpetual instruments which surged to $114 billion. Notable clusters of liquidations for the BTC-USDT pair are highlighted, with one valued at $90 million around $112,200 and another cluster at $76.6 million near the $110,000 mark.

Quotes:

“Institutional adoption of ETH is building serious momentum. Last week alone, the number of ETH held by ETFs rose by 250K — from 6.5 million to 6.74 million,” said Nick Forster.

Note:

The article illustrates a transitional phase within the crypto market, evidenced by the notable support for altcoin investments amidst Bitcoin’s position. This situation mirrors previous trends where Bitcoin’s market share lessened, allowing altcoins to claim a larger space in the ecosystem.