ETH Futures set a new Daily Trading Volume Record of $90 Billion Amid Surging Spot Price

By Prashant Jha
Published May 5, 2021 Updated May 5, 2021
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ethereum Weekly Price analysis

ETH Futures set a new Daily Trading Volume Record of $90 Billion Amid Surging Spot Price

By Prashant Jha
Published May 5, 2021 Updated May 5, 2021

Ether ($ETH), the second-largest cryptocurrency by market cap had quite an eventful past couple of weeks where it recorded a new ATH every other day and breezed past the key resistance of $3,000 to set a new ATH of $3,523. While the spot market continues to thrive, the rising demand is now started to reflect in the derivative market as well.

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ETH Futures recorded its biggest single-day trading volume of $90 billion amid surging spot prices and growing demand from institutions and spot traders alike. The second-leg surge in ETH comes post many wrote it off amid surging gas fee, however, the on-chain metrics and network fundamentals remain strong as many Ether proponents now believe the altcoins is not stopping until $10K.

ETH Shows Strong Fundamentals can Overcome Short Term Hurdles

Many on-chain metrics including the growing number of ETH wallets, the declining volume of Ether on exchanges, and the growing volume of staked ETH on ETH 2,0 deposit contracts have signalled the bullish surge even when the price fell to $1,945 last month during the market correction phase. As Bitcoin dominance continues to decline to a 3-year low, Ether made the most of the alt season by surging over 180% in the past month.

The talks about ETH nearing its top began as ETH/BTC was set to break past the key support of 0.03, however, coincidentally the trend reversal occurred at the same time and the pair has registered a new ATH of 0.061 since then. While most of the altcoins have surged to record highs, ETH has managed to make the most of the declining dominance to register steady gains.

Along with the spot market, the Defi market that runs on top of Ethereum has also continued to grow setting a new market cap of $131 billion and many Defi solutions and second layer scalability side chains have also gained from the growing ETH momentum.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1007 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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