In just 24 hours, Ethereum has surpassed Bitcoins in trading volume. On June 11, Ethereum’s 24-hour derivatives volume reached an impressive $114 billion, far ahead of Bitcoin’s $80 billion, according to data from Coinglass. This shows that there has been a shift in market behavior, showing growing confidence and interest in Ethereum, especially from institutional players.
This comes as ETH continues to rally strongly. Since May 7, its price has jumped 54%, breaking through key resistance and putting itself as one of the top-performing cryptos in recent weeks.
At the time of writing, ETH is experiencing an increase of 5.91% and is currently trading at 2,787. In addition, the boost in its spot trading volume, up 28% to $33.69 billion, further shows the increasing demand in the market
Another key metric showing Ethereum’s momentum is its open interest in perpetual contracts, which has now climbed to a record $41.67 billion. This also coincides with its lead over Bitcoin in spot ETF inflows
Looking at the chart, ETH has broken past the $2800 resistance level on June 10, an outcome that has been anticipated over the recent week.
This comes after the market broke past the long descending trendline, which changed the market outlook from bearish to bullish. Now, analysts are anticipating a push towards the $3000 price.
Also Read: Ripple Invests $5M in APAC Blockchain Research & Education
