Increased USD and Litecoin Trading Volumes Push Ethereum Price Upwards

There is a renewed interest in Ethereum trading over the past 24 hours, which has resulted in a price increase. Although most of the trading volume is coming from Bitcoin itself, some interesting things are taking place behind the scenes.

Ethereum Bounces Back After Dip

According to the charts, an increase in ETH/USD and ETH/EUR trading is taking place as we speak. With Bitcoin still being responsible for nearly 84% of all Ethereum trades over the past day, it looks like fiat currencies are starting to claw their way back up. Not much is happening in the yuan market, though, although it still represents 1.35% of all volume.

Bitfinex is the place to be for buying and selling Ethereum in exchange for the US Dollar. The exchange has a firm grip on the market with 57.6% of daily volume, followed by Kraken and BTC-E. It is rather surprising to see Gemini in fourth place, as no one had heard much from this exchange ever since they added an ETH trading market.

It is interesting to note that the US Dollar market represented 9.47% of all ETH trading volume in the past 24 hours. This is a far bigger margin than on most days, albeit it was not a noticeable spike on the overall volume charts for the past month. Traders dealing with the ETH/EUR market have taken up 5.48% of all ETH trading.

Coinbase seems to be doing quite well with their Ethereum trading so far. The exchange is in the top five as far as USD trading is concerned, and is slightly ahead of Poloniex in this regard. With only slightly over US$12,000 difference in USD trading volume between the two platforms, these ranking may change at any given moment, though.

While Ethereum can be traded against many other fiat currencies, it looks like Litecoin is starting to get involved in the mix. Albeit the alternative cryptocurrency is behind the yuan and Canadian dollar, over 4,000 ETH worth of Litecoin has changed hands in the previous 24 hours. Considering how Chinese traders flock to Litecoin over Ethereum, this may prove to be an interesting market to keep an eye on.

Source: CryptoCompare

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