Ethereum trading volume outperformed over Bitcoin: Report
Recent records are showing that Pro crypto traders are more confidently engaged in Ethereum trading over Bitcoin.
In between the end of November and the beginning of December, the crypto market faced multiple small and big crashes, and still in this situation it is under a dramatic pump dump. But the best thing that we can see in this situation of the crypto market, Ethereum trading vs Bitcoin trading.
Most of the experienced crypto traders noticed that Ethereum surged much rapidly over Bitcoin and also they took the Ethereum Bitcoin ratio seriously.
In particular this year, the ETH/BTC ratio surged by around 230%. And yesterday it touched an all-time high by 0.089 BTC.
Right now the Market Cap of Ethereum is around $490 and that of Bitcoin is $903 billion. That means Ethereum stands at 54% of Bitcoin.
In 2020, ETH/BTC ratio was at around 15%, so here it would not be too early to consider that flip took place to some degree. However, Ethereum is still far from Bitcoin but still, it is respected run by Ethereum over Bitcoin.
It is worthy to note that Ethereum & Bitcoin ratio traced almost similar kinds of trace in the futures’ market premium. So we can say that the trend of Ethereum with Bitcoin will continuously go up with a strong run.
Because of the higher futures basis rate, traders are giving favour to the Ethereum coin in the derivatives market. On the other hand, Bitcoin traders are not in full confidence because bitcoin is at a 31% plunge from its all-time high of $69,000. However we can’t say that this dump in the price of Bitcoin is the main reason for the Ethereum’ enough momentum to keep outperforming or not but still, consideration is worthy from the point of view of current trading data and volume at exchanges.
Read also: ERC-20 Converter live on Cardano testnet
Comments