Growth in Ethereum trading volumes on spot and futures markets is outpacing that of Bitcoin, according to The Block.
Since September 2019, the ETH-to-BTC trading-volume ratio on spot exchanges has risen from 16% to around 50%. The figures are based on data from crypto exchanges Binance, Coinbase, Bitfinex, Kraken and Bitstamp.
In the futures market, this gauge rose from 8% to 29% over the same period.
According to CoinGecko, Ethereum’s daily trading volumes currently exceed $15.1 billion, behind Bitcoin’s by about 25%. Bitcoin’s market capitalization is almost five times higher than ETH’s.
The Block analyst Larry Cermak noted a decline in Ethereum’s popularity in Google search queries. Compared with December 2017, when ETH price reached its historic peak, the number of related queries fell by a factor of three. For Bitcoin, this figure fell by a factor of six.
I’m sure this is nothing but… Ethereum is now being searched on Google a little more than 3 times less than at the peak in Dec 2017. Bitcoin, in comparison, about 6 times less. pic.twitter.com/KuIsD5kqGp
— Larry Cermak (@lawmaster) August 4, 2020
A similar pattern is observed in the popularity of leading cryptocurrencies on Twitter. The number of BTC-related tweets has fallen more than fivefold since the end of 2017, while ETH has fallen by about 4.5x.
As a reminder, over five years since Ethereum’s inception, the total value transferred through the network of this cryptocurrency reached $986 billion.
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