By
Temitope Olatunji
April 18th, 2024
Daily trading volumes for Ethereum reached the high of $26 billion with three exchanges – BitMEX, Huobi & OKEx – alone reporting over $1 billion trade in ETH tokens. Ethereum price is moving up.
While the market has been focusing on Bitcoin‘s move above $10,000, the world’s second-largest cryptocurrency Ethereum is leading the altcoin show. On Thursday, February 13, the ETH price jumped over 20% to hit $270. This was the biggest single-day gain for Ethereum, so far in 2020.
With Thursday’s price rally, Ethereum has also extended its year-to-date gains to over 100%. At press time, Ethereum (ETH) is trading at a price of $270 with a market cap of $30 billion.
Apart from hitting its highest single-day gains, Ethereum’s daily trading volumes have also reached an all-time record of $26 billion. Note that it is the combined trading volume on all the exchanges.
It goes without doubt that Ethereum has been leading the altcoin market rally recently. Ethereum and other altcoins have managed to push the overall cryptocurrency market cap above $300 billion. Besides, they have also reduced Bitcoin’s dominance to under 62% from over 65% at the start of the year.
The overall cryptocurrency market cap surged over 50% year-to-date adding a total of over $100 billion. Of this, Ethereum has alone contributed nearly 15% i.e. $15 billion.
Skew analytics reported that ETH had the most active session of trading on Thursday, February 12. ETH’s daily trading volume alone on three exchange – BitMEX, Huobi & OKEx – crossed over $1 billion.
Ether had most active session of the year yesterday
BitMEX, Huobi & OKEx all traded > $1bln pic.twitter.com/1UzFNVzUYO
— skew (@skewdotcom) February 13, 2020
A Look Into the Ethereum Trading Data
As per the data on CrytoCompare, nearly 87% of the ETH trading volume was concentrated on some “other” unknown and unnamed exchanges. Well, this also coincides with another anomaly observed recently.
The data provided by Coinlib suggests that the Indonesian Rupiah has suddenly emerged as the highly traded fiat currency against BTC, ETH, and some other altcoins. In the past, the Indonesian Rupiah has had little significance in the crypto market.
This has led many to believe that the Ethereum price rally could be the outcome of fake volume. Thus, it will be interesting to see whether ETH and the overall altcoin space continue to sustain or move ahead. If not, this will further the belief that it could be a possible pump-and-dump mechanism in action.
However, there have also been some recent developments in Ethereum 2.0 protocol and it is very much possible that this could trigger another rally for ETH in days ahead.