Ethereum's strong trading spurred ETH / BTC to show volatility to reach a new high

    ETH has recorded an exponential increase in both spot and derivative contracts. With strong metrics, ETH has become one of the largest coins in the cryptocurrency space by 2020. The second largest cryptocurrency by market capitalization has recorded over 75% of YTD profits from delivery. translated as low as $ 130 on January 1 to $ 228 at time of writing.

    On the other hand, Bitcoin's YTD profit is only about 22% because it always maintains a large pullback after trading nearly $ 10,000 and even breaking the critical level several times. While ETH's upward trend continues, it has lost more than 19% from its yearly high of $ 284, while Bitcoin has fallen 15% from its yearly high of $ 10,366 on February 13, 2020. .

    This may be due to an increase in trading in both derivatives and spot markets. Traders may not be the one holding it for a long time, but that's not the problem with king coins. Traders have been holding Bitcoin for long periods of speculation, especially when the halving is imminent.

    ETH

    Source: Skew

    This means that ETH is currently more volatile than Bitcoin as its price fluctuates rapidly during this period. Look at ETH-BTC's chart Skew, we see that volatility has taken place over the past 6 months and there is a spike. At the time of writing, it stopped at 17%, an unprecedented level since June 2019.

    This has attracted the attention of many in the cryptocurrency community, renowned analyst Alex Krüger show:

    “The average ETH trading volume last week has quadrupled compared to the average volume in the second half of 2019. Someone bought a lot of ETH.”

    While futures contracts ETH and volume choice Soaring in recent times, the daily volume of ETH spot contracts has also increased, as shown on the Skew chart. Spot volume figures hit ATH of $ 144 million on February 26, of which 81.5% was contributed by Coinbase and LMAX Digital.

    The increase in spot contracts, coupled with an increase in derivative volumes, has increased the volatility of ETH. This shows that while Bitcoin is being held, ETH is being strongly traded.

    ETH

    Source: Skew

    Thuy Ngan

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