The CME Group's cryptocurrency derivatives market has shown a significant increase in trading volumes in April, reflecting growing institutional interest in the crypto industry.
Details of CME Group and Micro Contracts Performance
CME Group's cryptocurrency derivatives trading volume soared by 129% in April compared to the same month last year, with an average daily volume (ADV) of 183,000 contracts and a total contract volume equivalent to $8.9 billion. Leading the growth was Ethereum, with its Ether futures ADV hitting 14,000 contracts, marking a 239% surge. Micro Ethereum futures also registered a significant increase of 165%, reaching 63,000 contracts.
Ethereum Price and Performance
Despite the increased trading volumes, Ethereum has shown modest growth of only 1.1% over the past 30 days. Currently, Ethereum trades at $1,838.87, reflecting a 0.10% increase. In contrast, other altcoins like Solana are outpacing Ethereum in terms of growth and attracting analysts' attention.
Catalysts to Ethereum Price Boost
There are expectations for upcoming changes in the Ethereum ecosystem, including a new initiative by Ethereum Foundation researcher Dankrad Feist proposing EIP-9698. This proposal theoretically allows Ethereum to handle up to 2,000 transactions per second (TPS), while currently it handles 20 TPS. The scheduled Pectra Upgrade on May 7 is also expected to enhance Ethereum's performance.
The rise in CME Group's trading volumes highlights growing institutional interest in cryptocurrencies, particularly Ethereum, despite current market challenges. Upgrades in the Ethereum system could lead to significant improvements in its performance.
