Immy Dorse 
Ethereum Nears All-Time High as Altcoins Surge
Ethereum is inching closer to its record high, sitting just 3.9% below the peak it hit back in November 2021. As of now, it’s trading around $4,738—up more than 3% in the last day alone. But it’s not just ETH making moves. A bunch of other altcoins are riding the same wave, with some posting double-digit gains over the past week.
Dogecoin and Ethereum are both up roughly 25% in seven days, while XRP climbed 16% and Solana added another 13.6%. It’s a broad rally, and traders seem to be piling back into riskier assets after months of hesitation.
Why the Sudden Momentum?
Jag Kooner, who heads derivatives at Bitfinex, points to a few factors. For one, there’s been steady money flowing into Ethereum ETFs. Institutions have also been quietly accumulating ETH, maybe betting on bigger moves ahead. Then there’s the broader market mood—softer inflation data has people thinking the Fed might cut rates sooner rather than later, which usually gives crypto a boost.
And it’s not just spot trading heating up. Leverage in the altcoin market has hit a staggering $47 billion, according to Glassnode. That’s a record. When positions are this stacked, even small price swings can trigger bigger reactions across the board.
Options Traders Bet on a Breakout
Ethereum options open interest—basically, the number of contracts out there—just hit its highest level this year at $16.1 billion. People are clearly expecting something big.
Most of the action is on the call side, meaning traders are betting prices will keep climbing. Over the past week, they’ve shelled out over $80 million in call premiums, far more than puts. Oddly enough, though, implied volatility hasn’t spiked yet. That usually means the market’s bracing for a sharp move but isn’t entirely sure which way it’ll go.
Kooner thinks the low volatility could be a trap. If something unexpected happens—say, a sudden shift in macro conditions—prices might swing hard in either direction.
Altcoins Stealing the Spotlight
This isn’t just a one-off rally. Since April, altcoins as a group have outperformed Bitcoin three separate times by statistically unusual margins. That kind of consistency suggests money isn’t just rotating—it’s sticking around.
Glassnode’s take? There’s a “speculative bid” building across the board, with traders chasing bigger returns outside of Bitcoin. Whether that lasts is another question. For now, though, the altcoin market feels like it’s waking up—and Ethereum’s leading the charge.