Ethereum, the second largest crypto asset by market capitalization has hit a staggering $60 billion in weekly transaction volume.
The information was revealed by crypto tracker IntotheBlock revealing that the weekly transaction volume numbers are Ethereum’s highest since July.
Ethereum is also a beneficiary of the bull run sweeping through the market at the moment following Donald Trump’s victory.
The Big altcoin has surged by a whopping 20.6% in the last 7 days and 23.8% within 1 month.
The crypto asset hit the $3,300 price level a few days ago, a peak point for the altcoin in a long time.
At the time of this report, the altcoin is exchanging hands for $3,167 experiencing a 6.0% drop in the last 24 hours.
$60 billion volume in one week
Ethereum’s impressive $60 billion transaction volume in one week is a strong indicator of many factors. The high transaction volume indicates a strong market interest led by investors investing and accumulating Ethereum assets.
- The $60 billion transaction volume in a week saw Ethereum retouch a level of onchain activity it last experienced in July.
- The surge in price level and transaction volume for Ethereum has caught the attention of analysts and industry watchers.
- Analysts believe Ethereum is well on its way to breaking past the $4000 price level in a couple of months. If this happens Ethereum’s bullish momentum will be solidified and the possibility of Ethereum surpassing its all-time high will seriously increase.
Ethereum is currently down by 35.2% from its all-time high of $4,878. Ethereum’s all-time high was recorded exactly three years ago in November 2021.
- Other factors are equally responsible for Ethereum’s surge in price and transaction volume. Ethereum spot Exchange Traded funds (ETFs) witnessed five days of positive inflow since Donald Trump’s election win.
- According to ETF tracker Farside UK, Ethereum ETFs pulled in $135.9 million yesterday and $295.5 million the day before.
- The positive inflow into Ethereum’s ETFs signifies an increase in investor appetite and increased activity by institutional investors.
Ethereum is the second-largest cryptocurrency in the industry by market capitalization and is usually a beneficiary of the ripple effects of Bitcoin surging in price.
What to Know
- Exchange-traded funds allow investors to participate in crypto price action without actually owning any crypto asset. ETFs are set up by asset managers to diversify their portfolios and give their institutional clients an alternative means of investment.
- Ethereum Exchange Traded Funds were approved by the US Securities and Exchange Commission mid this year and it is expected to pull in $15 billion in the first 18 months.