Ethereum continues to show its worth as the second biggest digital asset in total market cap after Bitcoin. So far, investors have backed the ETH token as its trading volume surges, according to Crypto Quant.
Despite Bitcoin having the highest market value and price, ETH’s trading volume is equivalent to that of Bitcoin, the crypto analytics platform stated. Interestingly, BTC makes up 39.7% of the market cap, while ETH accounts for 19.8%.
The remaining cryptocurrency market participants split the rest of the funds among themselves. This development demonstrates that ETH is growing in popularity among traders and investors in contrast to other altcoins.
Ethereum Gains More Respect
According to a blog post by Crypto Quant, practically every day in August, Ethereum’s trading volume was just as significant as Bitcoin’s. This occurs as interest in the Ethereum Merge event, which will switch the network’s working model from PoW to PoS, is rising.
Crypto Quant noted that August 22 was a momentous day for BTC and ETH trading volumes. The second biggest cryptocurrency dominated the trade volume on various exchanges, accounting for 41%, with Bitcoin at 31%.
With the way things are, the popularity of ETH has gained momentum and respect. However, there has been continuous humming about the upcoming Merge on social media and in new publications.
From the look of it, ETH is still pretty popular and gaining more in that respect, even though there has not been much buzz about the upcoming Ethereum Merge in news publications and social media.
Moreover, the crypto asset has seen an increase in trade volume, indicating that investors support it heavily.
Currently, the 24-hour trading volume of ETH stands at around $15.7 billion, while the volume of BTC stands at $31.3 billion.