$ETH Ethereum Surpasses Bitcoin in the Cryptocurrency Derivatives Market

Ethereum has emerged from a consolidation phase lasting nearly a month and has consistently closed above the key resistance level at $2700. At the time of writing, the altcoin was trading at $2794, indicating a 5% increase over the past 24 hours. The trading volume of the cryptocurrency over the last 24 hours has also increased by more than 40%, totaling $33.67 billion.

This surge is partly due to Ethereum surpassing Bitcoin in cryptocurrency derivatives trading volume. According to data, over the past 24 hours, the altcoin's figure exceeded $111 million, outpacing the flagship asset's $87.5 billion.

The liquidation volume of Ethereum has also risen to $131 million, which is more than double the liquidation volume of Bitcoin. This indicates an increase in trading activity using leverage on Ethereum.