Ethereum (ETH) became the top-traded asset on Coinbase on Monday, surpassing Bitcoin (BTC), Solana (SOL), and the Ripple-linked XRP token.
According to Coinbase director Conor Grogan, this is the first time that this has happened since 2022.
The flagship altcoin has generated $367 million in trading volume over the past 24 hours.
Mild signs of recovery
According to the analytics platform Santiment, the second-largest cryptocurrency has shown some "mild signs" of recovery.
The firm has noted that ETH continues to move off of exchanges and into cold wallets at "a shocking pace." In fact, the available ETH supply on exchanges currently stands at its lowest level since genesis (just 6.38%).
Ethereum's underwhelming year
Ethereum has faced criticism for its persistent underperformance against Bitcoin. This year it is also down more than 20%. This has led to a lot of debates within the community about how the flagship altcoin could be revived.
More ETF inflows
In the meantime, US-based spot Ethereum exchange-traded funds have recorded nearly $400 million worth of inflows during this month so far.
Some analysts believe that the price of the token could experience a rally ahead of the incoming Pectra upgrade.
The upgrade, which is slated to take place in early April, is slated to significantly enhance the network with faster transactions and other substantial improvements.
Dan Burgin
Vladislav Sopov