Ethereum Support In USD and EUR Markets Is On The Rise

Ethereum is wrecking the trading charts over the past few days, and the cryptocurrency seems to hold its own compared to Bitcoin. A few good spikes in trading volume will certainly help, and both USD and EUR markets continue to heat up. Most of the purchasing power still comes from the Bitcoin traders, though, which is not entirely unexpected.

Ethereum is Bulldozing The Charts

TheMerkle_Trading Volume Ethereum

Now that the Bitcoin price is going up in spectacular mention, it looks like several traders are diversifying their portfolio to encompass Ethereum as well. This is not entirely surprising, as Bitcoin seems to be meeting a lot of resistance right now. Ethereum, on the other hand, continues its bull run head-on and is doing fairly well so far.

There is a lot of volume flowing from Bitcoin to Ethereum as of late, which is pushing the price per ETH even higher. Nearly two million Ether were traded against Bitcoin in the past 24 hours, which is a spectacular amount. To put this into perspective, these ETH were worth 51,766,6 BTC in total.

Despite the surge in USD and EUR markets, those respective volumes remain rather small. It has to be said, though, how the USD market has surpassed half a million ETH in 24-hour volume and is showing signs of setting a new daily record for the past 30 days. Up until now, that peak was established on June 13th, with 448,362.57 Ethereum changing hands.

The European market is warming up to Ethereum as well, by the look of things. Increased trading volume is noticeable over the past few days, surpassing the 250,000 ETH mark in the past 24 hours. Quite a significant push from the fiat currency side of things as well, which is all the more positive news for Ethereum enthusiasts.

That being said, traders still have to keep in mind significant price increases will come to an end sooner or later. Albeit there is no sign of slowing down just yet, both Bitcoin and Ethereum have seen spectacular gains over the past few weeks. That trend will not continue forever, and a drop-off can occur at any given time for both cryptocurrencies. Then again, that is part of the thrill when dealing with Bitcoin and Ethereum.

Source: CryptoCompare

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.