CryptoQuant: Increased Trading Activity in Ethereum and Altcoins
According to a report by Jinse Finance, data from CryptoQuant shows that after Bitcoin's price surpassed $120,000, there has been a significant shift in the cryptocurrency market landscape. The data indicates that Ethereum's price has surged 170% from its recent low, now just 23% away from its all-time high of $4,871. One of the main drivers behind this rally is SharpLink's $1.3 billion investment to acquire 438,190 ETH. In the cryptocurrency derivatives market, trading volume for altcoin and Ethereum futures contracts has reached $22.36 billion, marking a five-month high. Notably, on centralized exchanges, altcoin and Ethereum futures trading now accounts for 83% of the total volume, while Bitcoin futures make up only 17%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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