The world’s second-largest cryptocurrency Ethereum (ETH) is roaring past new highs every single day. After hitting the $3000 milestone earlier today, ETH is now trading 10% up at a new all-time high of $3194 and a market cap of $369 billion.
This ETH price rally has been backed by strong fundamentals as well as with the successful launch of Ethereum 2.0 testnet Steklo. Also, with the recent price rally, ETH’s market dominance has surged past 16% while pushing the Bitcoin (BTC) market dominance under $48%.
As Ethereum continues to capture all the limelight, Bitcoin (BTC) is showing strong consolidation around $58,000 levels. The BTC price has also surged 10% over the last week and is currently trading at a price of $58,094 with a market cap of $1.09 trillion.
While the investor crowd has been largely attracted towards Ethereum (ETH), Bitcoin (BTC)’s funding rate on the BITMEX exchange has remained relatively low. As per on-chain data provider Santiment, this is a bullish signal for BTC. The data provider states: “This means that leveraged longs & euphoric behavior are dormant, and $BTC is a better bet than usual to rise”.
On-Chain Volume Surge for Bitcoin
Over the last month, Bitcoin has remained volatile and is trading 1% down on the monthly charts. However, the good thing is that after hitting a low of under $47,000 last week, BTC has bounced back once again. From has covered the lost ground jumping more than 20% from its low on April 26.
Moreover, during the last month, BTC’s total adjusted on-chain volume has also surged along with Ethereum (ETH). The combined adjusted volume for BTC and ETH for the month of April 2021 stood at $792.5 billion as per data by The Block.
As we can see in the below chart, the BTC adjusted on-chain volume surged 22% in April in comparison to its previous month.
1/8 Crunching numbers for the monthly metrics overview. Below are some highlights:
Total adjusted on-chain volume increased by 37.3% to a new all-time high of $792.5bn in April: pic.twitter.com/DCmIQqDoRP
— Lars (@lars0x) May 1, 2021
Not to forget, the Bitcoin whale activity has remained high over the last month with BTC supply at exchange dropping further.
