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Ethereum Surpasses Bitcoin in Spot Trading Volumes

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by Giorgi Kostiuk

2 hours ago

Ethereum, the leading altcoin in the cryptocurrency market, is gaining investor attention due to increased trading volumes, surpassing Bitcoin.

Ethereum Trading Volume Surpasses Bitcoin by 3x

Recent data indicates that Ethereum's spot trading volumes have exceeded those of Bitcoin by nearly three times. This highlights the increasing interest of investors in Ethereum compared to Bitcoin.

Bullish Outlook for Ethereum Price

Ethereum has stabilized above $4,000 despite a slight decline. The current price is $4,223.45, which is 2.14% lower than the previous day. It is anticipated that the price may surge towards $5,000 in the near future.

Market Dynamics and Impact on Cryptocurrencies

Ethereum's rise is also accompanied by changes in open positions on futures. The ETH/BTC open interest ratio has reached 0.71, its lowest level in the past 14 months. Comments from Jerome Powell may influence overall sentiment in the cryptocurrency market.

The growth in Ethereum's trading volumes and its positive market dynamics confirm that this altcoin is starting to take a more significant position compared to Bitcoin in the short term.

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