Ethereum has climbed between 6.5% and 7.3% over the past 24 hours, trading near $2,560–$2,575 and peaking at $2,619, outperforming Bitcoin and lifting the ETH/BTC ratio by 30%.

Despite this rebound, the pair remains near a five-year low, underscoring the uphill climb in regaining relative dominance.

Momentum is being driven by nearly $2 billion in net inflows to U.S. spot Ethereum ETFs over the past month—including $1.3 billion in December 2024—alongside strong DeFi and NFT activity and optimism around the upcoming Pectra upgrade.

Meanwhile, explosive rallies in Ethereum-based memecoins like Moodeng and Solana’s POPCAT point to a rotation into high-beta altcoins, with retail speculation surging amid declining Bitcoin dominance.

Solana’s high-speed, low-cost infrastructure and Ethereum’s DeFi maturity are accelerating this shift.

However, volatility in memecoins and any sharp Bitcoin reversal could disrupt this momentum.

Traders should closely monitor ETH’s $2,800 resistance, Bitcoin dominance slipping below 50%, and on-chain signals like active address growth and ETF flows to gauge whether this altcoin season has staying power.

Ryan Lee, Chief Analyst at Bitget Research

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