Ethereum News Today: Ethereum Transactions Surge 100% as ETH Price Breaks $3,000 Mark

Ethereum (ETH) is on the cusp of a significant milestone, with daily transactions nearing 1.5 million, a level last seen during the peak of the 2021 altseason. This surge in activity comes as ETH's price has broken above the $3,000 mark, outperforming Bitcoin (BTC), which is currently trading around $117,000 after setting a new all-time high at $123,000. This dynamic has sparked discussions about a potential shift in dominance between the two leading cryptocurrencies.

Analysts are divided on whether BTC's dominance will continue to hold or if ETH and other altcoins are poised to take the lead. Some analysts predict that BTC's price could reach as high as $130,000, but they also note that a lower BTC dominance could still result in higher prices for BTC. The steady outperformance of ETH in the new quarter is seen as a strong indicator that BTC dominance may be tapering off. Additionally, several bullish signals across other altcoin price charts support the notion that altcoin dominance could be on the horizon.

Data from Alphractal shows that as BTC dominance pulls back, ETH is liquidating short-term bears, particularly around the $3,100 level. This liquidation of bearish positions over the past three days adds to the evidence of a clash between ETH and BTC dominance. Another analyst, Rekt Capital, highlights that ETH dominance has reached over 10% market dominance in an uptrend for the first time since March 2020, further supporting the bullish case for ETH.

The final bullish signal in the ETH vs. BTC dominance clash is the volume of ETH daily transactions. With daily transactions almost back up to the 1.5 million target, the last time Ethereum reached this level was in 2021 during the altseason peak phase. This signals that the time may have finally arrived for altcoin prices to take the lead, potentially marking a significant shift in the cryptocurrency landscape.