Crypto Markets Today: Bitcoin Languishes at $111K as Altcoins Continue to Outperform

What to know:

• Bitcoin and the CoinDesk 20 Index are little changed Wednesday, with ether and sol outpacing the largest cryptocurrency.
• Open interest climbed to $114 billion, with positive funding rates across most tokens. Liquidation clusters for BTC point to key pressure levels at $110K and $112.2K.
• Bitcoin dominance fell from 61% to 57% in the past month, underscoring the shift toward altcoins and echoing past cycles where dominance dipped as low as 39%.

Bitcoin is trading in a tight range around $111,000 having lost 2.9% of its value over the past 30 days.

Bitcoin dominance has slipped from 61% to 57% in same period, indicating a bullish outlook for altcoins, coinciding with a slew of crypto treasury companies adoption altcoin accumulation strategies. Ether (ETH), up 1.1% since midnight UTC, and solana, 0.43% higher, have notched gains of 21% and 27.5%, respectively, over the 30-day period.

The CoinDesk 20 Index, a measure of the broad market, has gained 0.46% since midnight and is 1.7% higher than 24 hours ago, with all members rising over the latter period.

Nick Forster, founder of on-chain options platform Derive.xyz, said in an email that ETH has a 44% chance of hitting $6,000 before the end of 2025.

“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," Forster wrote.