Ethereum

ETH/USD trading pair attracts more traders in the first quarter of 2022: report

06/01/2022
Bitcoin Ethereum News

The Ether (ETH) to the United States dollar (USD) pair has pulled the biggest number of traders from January to March 2022, according to trading platform Capital.com. 

In its quarterly report, Capital.com noted that in 2021, the most significant number of traders was held by the Dogecoin (DOGE) to USD pair. However, the ETH/USD pair has taken the spot for most traders within the trading platform for the first time.

The quarterly report noted that crypto turnover has gone up by 93% in the quarter. Despite the positive statistic, the report admits that the increase in revenue does not reflect the broader market trends because the number was reached because of a few single-day spikes in volume.

Capital.com has also highlighted that the broader market is currently in a state of disinterest. According to Capital.com’s chief analyst David Jones, the Bitcoin (BTC) downtrend from November to January has influenced retail traders’ interest in crypto. Additionally, the analyst mentioned that crypto traders are “herd creatures” driven by momentum.

After high investor participation in the month of January, the following months showed a decline. In February, digital asset traders on the platform went down by 16%. In the next month, the number dropped by another 10%.

Related: The more you know about Bitcoin, the more optimistic you are: Block survey

On Monday, ETH’s price moved closer to the $2,000 mark as BTC climbed above $30,900. However, analysts noted that despite the bounce, the prices’ uptrend may end up weaker than the 2021’s mid-year performance. On the other hand, some analysts also noted that there’s a possibility to bounce up to $2,700 over the summer.

Meanwhile, the Ropsten testnet on Ethereum is moving to the proof-of-stake (PoS) consensus. Ethereum’s developer Tim Beiko shared the news that on June 8, the Ropsten testnet will merge with a new Ropsten Beacon Chain that was launched on Monday. After the transition, two more testnets called Goerli and Spolia will move to PoS before the migration for the Ethereum mainnet begins.