Ethereum and Alternative Cryptocurrencies Account for 85% of Future Trade Transactions, Market Share for Bitcoin Declines
In the realm of digital assets, recent developments have been shaping the market landscape. Here's a roundup of some key insights, as shared by the on-chain analytics firm Santiment.
The table posted by Santiment reveals the ranking of various cryptocurrency projects based on their 30-day Development Activity. Interestingly, the Internet Computer (ICP) takes the lead, with a value nearly three times that of Ethereum (ETH), currently the second largest cryptocurrency by market cap. However, ETH is only the 10th largest project in terms of 30-day Development Activity.
Meanwhile, CryptoQuant community analyst Maartunn has discussed a trend in the futures trading volume share of Ethereum and altcoins. Combined, these two categories occupy around 85.2% of the total cryptocurrency futures trading volume, following a recent increase. This increase in altcoin dominance has been reflected in a chart shared by Maartunn, indicating an increase in speculative interest in these coins.
Ethereum's futures trading volume dominance is still significantly down compared to its earlier high, but it has also enjoyed an uptick at the same time as the altcoin growth. It's important to note that Bitcoin's dominance has gone below 15% in the futures trading volume.
The metric used to measure this activity is called "events," where one event is any action taken by the developer on the repository, such as the push of a commit or creation of a fork. The Development Activity metric, therefore, measures the total amount of work that the developers of a given project are doing on its public GitHub repositories.
Interestingly, the Ethereum-based organization with the largest increase in development activity over the past month cannot be determined from the provided search results.
On a separate note, Forward Industries has launched a Solana Treasury with a $1.58 billion purchase, but the impact of this on the cryptocurrency market remains to be seen.
As for Ethereum's price, it has faced a pullback and is currently at $4,450, after recovering above $4,750 earlier.
Historically, periods with high altcoin dominance in the futures trading volume have been a bad omen for both Bitcoin and the market as a whole, as shown in the chart during the late 2024 and Summer 2025 price tops. However, it's crucial to remember that past performance is not always indicative of future results.
In conclusion, the cryptocurrency market continues to evolve, with ICP leading in Development Activity and altcoins seeing a surge in futures trading volume. As always, it's essential to approach the market with caution and make informed decisions based on thorough research.
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