#Crypto Market Rebound#

The share of trading with perpetual futures on Ethereum reached a record 67% over the past week. This means that two-thirds of all cryptocurrency futures transactions are attributed to Ethereum.
On Wednesday, the Glassnode team published its weekly report "Derivatives-Driven Market." It states that although the price of Bitcoin recently reached a new high before the correction, it was primarily the cryptocurrency derivatives market that determined the direction.
Despite the correction, Glassnode noted that market participants still view this as a bull market, as evidenced by the increasing dominance of open interest in ETH, a key market indicator.
By Thursday morning, the gap in dominance on the spot market between Bitcoin (59.42%) and Ethereum (13.62%) is approximately four times larger. However, the dominance of open interest is much closer: Bitcoin has 56.7%, while Ethereum has 43.3%. This indicates that investors using borrowed funds are showing significantly greater interest in ETH.
This trend is even more pronounced in trading volume. The share of trading volume for Ethereum perpetual futures has reached a record 67%.
Glassnode notes that this data highlights the high interest of investors in altcoins and shows their willingness to take on greater risk.
Can the price of ETH continue to rise and signal the beginning of an "altcoin season"? It all depends on the sentiments and decisions regarding interest rates by the U.S. Federal Reserve (Fed).
One of the reasons for the recent correction in cryptocurrency prices was the uncertainty surrounding the Federal Reserve's interest rate cuts due to inflation in the U.S. If Fed Chair Jerome Powell hints at a rate cut during the meeting in Jackson Hole on Friday, ETH is expected to rise faster than BTC.