The price of Ethereum (ETH), the flagship altcoin, has surged by more than 10% over the past 24 hours. It is currently trading at $2,840 after giving up some gains, according to CoinGecko data.

Following Ethereum's price surge, Bitcoin dominance took a significant hit, plunging by more than 1.2% within a single day. The market share of the leading cryptocurrency has now dropped below the 60% mark.

The ETH/BTC pair is up by an impressive 5.5% over the past 24 hours after it added 3.12% on Wednesday.

The leading altcoin is experiencing a resurgence after consistently underperforming Bitcoin throughout 2024. In fact, the ETH/BTC pair started routinely hitting new multi-year lows.

According to data provided by SoSoValue, the decentralized finance (DeFi) sector is also up by more than 13.5%.

Earlier, pseudonymous cryptocurrency analyst Byzantine General predicted that Bitcoin had "a real chance" of going on a monster rally. "This might be a short squeeze that will be talked about for years," he said.

For now, however, the second-largest cryptocurrency is still 41% away from hitting its current high. Ethereum reached its current lifetime peak of $4,878 back in November 2021.

Meanwhile, Bitcoin recently hit yet another record high, surging above the $76,000 level.

Bitcoin has benefited from the success of spot ETFs. Ether ETFs ended up being a failure, but there are some promising signs. For instance, as reported by U.Today, Michigan's state pension fund recently invested roughly $11 million in Grayscale Ethereum Trust (ETHE).