 | Ethereum (ETH) volumes appeared to be converging with those in its larger peer Bitcoin BTC, recent data showed. The world’s second-largest cryptocurrency has seen a spike in interest this year ahead of a widely anticipated shift to a proof-of-stake (PoS) model. ETH price has surged over 20% in the past two weeks, and was trading at around $3,400- close to breaking even for the year. Daily volumes have also steadily risen, averaging at roughly $20 billion over the past week. BTC price also shot up to 2022 highs this week, and was trading around $47,000. But while volumes did increase, they were substantially lower than the massive amounts of liquidity seen in 2021. Still, the world’s largest cryptocurrency commanded over 40% of total crypto market capitalization. But the latest crypto rally has also seen several altcoins vastly outperform BTC, while notching record highs in market capitalization. A similar scenario was observed during the start of the 2021 rally, which had eventually challenged BTC’s dominance. And so the question is will ETH lead the next Bull Run? [link] [comments] |
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