Ethereum Rises to Dominance as Crypto Market Cap Sees First Bullish Quarter Since 2025

The total crypto market cap has gained more than 6% this quarter, putting it on track for its first bullish quarterly close since Q3 2025. This momentum is led by Ethereum's (ETH) surge against Bitcoin (BTC), with the ETH/BTC ratio climbing over 10% in July. According to TradingView, the $ETH/$BTC ratio has climbed 10%+ in Q3, putting it on track for its strongest quarterly performance since the 56% rally in Q3 2025.

Ethereum's market structure suggests that something stronger may be unfolding. Its dominance closed July up more than 11%, signaling that Ethereum is gaining a larger share of the total crypto market rather than simply benefiting from short-term capital flows, according to AMBCrypto.

The setup looks similar to 2025, when Ethereum outperformed Bitcoin by more than 10x in Q3. With Bitcoin also facing its historically weaker August and September window, the odds of Ethereum taking the lead for the rest of Q3 are starting to look increasingly favorable.