Ethereum Takes Lead in Spot Trading Volume Over Bitcoin
as early August, Ethereum has maintained an upper hand in spot trading volume against Bitcoin, extending its winning streak in this segment.
The shift towards Ethereum reflects a growing preference for altcoins among traders. This trend signals confidence in altcoins, especially Ethereum. On September 11, Ethereum’s spot trading volume surpassed Bitcoin’s, marking a significant milestone not seen in seven years.
A snapshot from CryptoRank illustrates this shift dramatically. From early August through September 9, Ethereum held a 32.9% share in spot trading, slightly ahead of Bitcoin’s 32.6%. By September 10, Ethereum soared further, reaching a volume of $48 billion compared to Bitcoin’s $43 billion.
Ethereum daily spot trading volume, source: Coinalyze
Bitcoin daily spot trading volume, source: coinalyze
In tandem with this, Ethereum and Bitcoin spot ETFs sommes showed differing investor preferences. August saw a $4 billion influx into Ethereum ETFs, as opposed to money flowing out of Bitcoin ETFs, noted VanEck.
The divergence appears linked to rising risk appetite among investors. Amid expectations of Federal Reserve rate cuts, traders are cautiously venturing into potentially lucrative but riskier assets like Ethereum.
Ethereum is currently knocking on the $4,400-$4,500 barrier. Clearing this path could propel it toward $5,000; failing would push it below $4,000.
- Ethereum’s trading volume has outperformed bitcoin’s since early August.
- Investors are increasingly tilting toward riskier altcoins due to Fed policy shifts.
- Clear technical levels for Ethereum could usher in significant price movements.
