Ethereum Spot Volume Hits $20B, May Surpass $4K Amid BTC Boom
The Essentials in Brief
Despite the all-time high (ATH) of Bitcoin (BTC), the spot volume of Ethereum (ETH) has reached an impressive 20 billion US dollars. This shows that interest in ETH has not diminished, even though the Bitcoin price has reached an ATH. Various indicators, such as the 30-day MVRV ratio, suggested that the cryptocurrency was undervalued.
ETH Holds Its Ground Despite Bitcoin ATH
On March 5, 2024, a historic day for the crypto market, Bitcoin reached a new all-time high. Despite the attention Bitcoin received, Ethereum was not overlooked. According to data received by AMBCrypto from Kaiko, the total spot volume for ETH exceeded 20 billion US dollars on that day. The increase in volume at centralized exchanges (CEXes) meant that interest in the altcoin remained visible.
Ethereum Trading Volume
For example, Ethereum’s trading volume on Binance rose above 10 billion US dollars. Bybit recorded 3.2 billion US dollars, while Coinbase and OKX each registered 1.62 billion and 2.13 billion US dollars in volume, respectively. However, it is important to mention that Bitcoin’s total spot volume was higher than that of ETH on that day. According to Kaiko’s data, Bitcoin’s CEX spot volume reached 46.25 billion US dollars.
ETH Shows Strength
Our research showed that Ethereum was able to maintain this interest due to its price. Prior to Bitcoin’s ATH, ETH’s price action was moving at high speed. This increase suggested that market participants were just as optimistic about the altcoin as they were about BTC.
ETH Could Also Reach ATH
Should the EMA maintain this position, the ETH price could rise above 4,000 US dollars. Moreover, the Supertrend showed a buy signal above 3,000 US dollars, indicating that no kind of bearish pressure could push the price below this region. There was also a similar situation with the Aroon indicator, which showed a bullish trend.
Our Assessment
ETH could rise to 4,500 US dollars in the short term. However, there may be obstacles along the way as the price could decline at some points. Nevertheless, ETH’s upside potential remains enormous. At the peak of the bull market, the altcoin could reach 2x its current value. When this will happen, however, remains a mystery.
Sources: Victor Olanrewaju, Ann Maria Shibu, Kaiko, TradingView, Santiment.
| Symbol | ETH |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
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