Ethereum trading volume reaches maximum; Details

Trading volume for the market’s second-largest cryptocurrency, Ethereum (ETH), marked an important milestone recently by reaching a high, according to data shared by cryptocurrency analytics platform Glassnode on Jan. 26.

The analysis highlighted that in recent weeks, there has been a significant increase in trading volume for futures and options contracts for Ethereum. The data showed that Ethereum markets had a total trading volume that surpassed the 2023 average volume.

“In recent weeks, we can see a significant increase in trading volume for Ethereum futures and options contracts. Combined, ETH markets experienced total trading volume of $21.3 billion/day, surpassing 2023 average volume ($13.9 billion), but remain far from typical 2021 to 2022 levels,” he wrote .

In recent weeks we can see a meaningful uptick in trade volume for both #Ethereum futures and options contracts.

Combined, ETH markets experienced a total trade volume of $21.3B/day, surpassing the average volume of 2023 ($13.9B), but remains far from the typical levels across… pic.twitter.com/JU21oPX8Ic

— glassnode (@glassnode) January 26, 2024

At the time of publication, the price of Ethereum was quoted at US$2,274.15, up 2.9% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$10,803,222,339. ETH price has risen 6.6% in the last seven days.

Analysis compares Ethereum and Bitcoin derivatives markets; BTC rises 66%

An analysis by the Glassnode platform, released on January 25, compared the derivatives markets of the two largest cryptocurrencies on the market, Bitcoin (BTC) and Ethereum (ETH). The platform’s survey considered the dominance of open futures contracts.

According to the analysis, since January 2022, Bitcoin perpetual swaps have seen a very significant increase of 66.2%. On the other hand, Ethereum’s open interest dominance registered a drop, dropping from 45% to 33.8%, according to the data.

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