For the time being, the entire cryptocurrency industry, including Bitcoin and Ethereum, is in a sharp decline. Ethereum seems to be losing much more blood, even though it was Bitcoin that started this decline. According to CoinMetrics data, when we look at the transfer value and volume in USD, it is seen that the volume in the Ethereum network exceeds the volume in the Bitcoin network. So is this a good development?
While the value of ETH transactions on September 6 reached $ 3.15 billion, Bitcoin’s transaction volume was limited to only $ 2.94 billion. As predicted, the biggest reason why the trade volume difference in the Ethereum network surpassed BTC was the Tether stablecoin. It is seen that USDT has taken over a large part of the Ethereum network in terms of volume, and thus the volume of BTC has been surpassed.
Volume On Ethereum Network Is Increasing
In July, Bitcoin’s trading volume made a big difference from this and was far below USDT. If this trade volume difference was due solely to ETH, it might indicate a heavy selling pressure. However, the volume created by ERC-20 based tokens in the Ethereum network, and especially USDT, shows that this is not the case.
This basically does not point to any effect for ETH. Still, the fact that Bitcoin’s volume lags behind the volume of the ETH network, at least points to less selling pressure for BTC. This strengthens the possibility that the price will hold the $ 10,000 level.