Ethereum (ETH) inches up in trading volumes, taking up more than 11.6% of total trades. For months, ETH trading gave way to increased activity in USDT, which was in excess of 15%.
But the latest slide in Bitcoin prices saw USDT trading also lessen, to around 11.5%, standing behind ETH volumes. While it is still early to see whether the trend would progress, or if it is a temporary cycle.
At the same time, the ETH market price is still devastating, recovering slightly to $417.08, up about 5% in the past day. ETH trading volumes of around $1.7 billion per 24 hours are relatively low compared to the recent peaks in December and January. The volumes are back to the levels of the summer of 2017. However, volumes these days are more consistent, as ETH has established itself in trading pairs against a number of new digital assets.
Ethereum’s dominance is seen in another measure – for the past nine months, the Ethereum network has more transactions compared to Bitcoin. At some point, Ethereum transactions were above 1.1 million in 24 hours. Even now, the Ethereum network is about two to three times more active compared to Bitcoin.
Also, the rise in ETH prices may signal the tentative start of another altcoin season. Right now, the market may see a small effect from the recent Ethfinex maintenance:
When it comes to Bitcoin trading, its profile is also completely changed in the past weeks. The biggest source of trading is against the Japanese Yen, where more than 59% of deals happen. The share of USD trading has narrowed, along with USDT trading. Bitcoin trading volumes have been lowered to $4.2 billion in 24 hours, and the price hovers around $6,800.
There is a marked withdrawal of US-based investors, while Asian trading continues and remains more active. USD trading is now below 20% of all Bitcoin trade but remains higher compared to USDT trading.
USDT trading remains concentrated on OKEx and Binance, which are also the exchanges holding the most fixed-price tokens.
The alternatively fixed price token, TrueUSD (TUSD) has increased its supply a little, to 9.53 million tokens, which allegedly means a small inflow of dollars leading to the generation of additional tokens.