In a fascinating turn of events, despite Ethereum's price showing relatively slower movement compared to that of Bitcoin (BTC) and numerous altcoins, an intriguing phenomenon appears to have generated notable optimism about the second-largest token. of the world by global market capitalization. According to a recent report, the Ethereum The token appears to have demonstrated notable improvements in liquidity on centralized exchanges globally.
This attracted a lot of attention in ETHunderscoring an increase in the availability of ETH tokens for trading on exchanges, further indicating increased interest and activity around the token within the exchange ecosystem.
ETH Liquidity: Going Deeper
Meanwhile, despite the token's relatively slower price action, ETH's improving liquidity signaled growing confidence and participation among traders and investors within the market. This could potentially contribute to the token's long-term stability and market presence, adding a bullish tinge to Ethereum amid the upcoming BTC halved.
The 2% market depth, which measures the number of buy and sell orders on exchanges, has risen markedly from a yearly low of $255 million in October to a staggering $400 million today.
These developments indicate a resurgence of market makers, who facilitate trading by providing liquidity. Furthermore, it suggests that traders are benefiting from improved market conditions, with more opportunities to buy and sell ETH.
Also read: Bitcoin Whale Sparks 800 BTC Sell-Off Fears After CPI Data Release
BTC and ETH OI reach ATH
On the other hand, open interest in perpetual futures contracts for both BTC and ETH has risen to unprecedented levels in USD. Trading in perpetual contracts has shown steady growth since the beginning of the year, reaching a two-year high in early March and subsequently surpassing previous all-time highs.
This further underlined a sense of increased interest in the asset among cryptocurrency market traders and investors, adding to the token's bullish trend.
Also read: Apple Pay joins Coinbase for secure UK cryptocurrency transactions
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
โ Share: