Ethereum seems to be giving Bitcoin a run for its money in terms of trading volume, and investors are backing it up.
Ethereum remains the second largest crypto in total market cap, right behind Bitcoin. Some details about the current market situation were intimated by Crypto Quant as shared on Twitter. Crypto Quant is an entity that specializes in crypto data analytics.
#Ethereum is still more dominant as #BITCOIN in terms of trading volume
"Investors are still 'trading the hype'."
by @JA_MaartunRead More?https://t.co/p0rwEpiSJC
— CryptoQuant.com (@cryptoquant_com) August 25, 2022
According to CQ, Ethereum’s trading volume is comparable to that of Bitcoin despite BTC being the top coin in market cap and price. Regarding market cap, BTC stands at 39.7%, while ETH takes up 19.8%. The rest is shared among the numerous other cryptocurrencies in the market. This shows that ETH is gaining traction among investors and traders compared to other altcoins.
In a blog post, CQ claims that Ethereum’s trading volume has been just as dominant as Bitcoin’s almost daily in August. This comes amid growing anticipation of the Ethereum Merge event that will take the network from the PoW working model to PoS.
According to Crypto Quant, August 22 was a notable day for trading volumes, especially for BTC and ETH. On this particular day, Ethereum took up 40% of all trading volumes in exchanges, while BTC came second with 31%. The rest was shared among other altcoins.
From the look of it, Ethereum is still pretty popular and gaining more in that respect. Even though there hasn’t been much buzz about the upcoming Ethereum Merge in news publications and social media. The rise in trading volume means that investors support Ethereum in huge numbers.
At the time of writing, ETH’s 24-hour trading volume stands at around $15.7 billion, while BTC leads with $31.3 billion.
As reported by The Crypto Basic Santiment Feed reveals that since May 10, the balances of unhosted wallets of Ethereum whales have shrunk by 11%, while the holdings of leading addresses on crypto exchanges have almost doubled, growing by a whopping 78%, this shows Sellers are Circling the Merge and ready to sell the news as the market tends to operate against mass sentiments.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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