Ethereum (ETH) Trading Volume Soars 4 Times – Are Traders Buying Hoping for Price Rise?

News
Wed, 02/19/2020 - 10:00
Yuri Molchan
Trader Alex Kruger has noticed a 4x surge in Ethereum trading volume in the last week. He supposes someone may be buying a lot of ETH
Cover image via www.shutterstock.com
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The second-largest currency, ETH, is witnessing a revival of interest largely due to massive development of DeFi as more and more ETH is being locked in these dapps.

Recently, the ETH price managed to surpass the $200 threshold and, at the time of writing, the coin is exchanging hands at $278, as per data from CoinMarketCap.

Now, an economist and crypto trader Alex Kruger shares some bullish data regarding Ethereum on his Twitter page.

‘Somebody has been buying a lot of ETH.’

Today, Alex Kruger took to Twitter to share a chart from the BitMEX exchange which shows a major rise in the ETH trading volume over the past week. The figure is 4 times larger than the previous volume in the second half of last year.

The trader concludes that someone has been buying a great amount of Ethereum.

Image via Twitter

In the comment thread, users are assuming that it could be those who are jumping on the Ethereum bandwagon now that the price has finally started to increase.

‘Now everyone starts to adore ETH’

Analyst Michael van de Poppe has noted that Ethereum and other crypto projects, previously almost forgotten and often referred to as ‘dead’ by many, are now on a revival wave. Ethereum is among them, and many are once again bullish on the second-largest cryptocurrency.

This is happening, the analyst points out, due to candles on the charts going green again and the price moving to the North.

Related
Ethereum - ETH Price to Hit $8,000 Within Next Few Years: Trader Josh Rager

Weiss Ratings on the recent DeFi app hack

Earlier this week, the DeFi trading platform bZx was hacked twice in succession, each time losing around half a million dollars. The app was used for trading on the Fulcrum contract and after the hacks, all operations on it were halted.

The Litecoin co-founder Charlie Lee slammed DeFi, accusing it of being heavily centralized and breaking the principles of crypto.

However, the analytical financial agency Weiss Ratings has a different take on this. In its recent tweet, it says that what happened to bZx was that a trader simply found a weak spot in this lending platform and took advantage of it.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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