Ethereum Volume Soars to $38B
Ethereum Trading Volume Explodes
Ethereum experienced a record-breaking day, reaching a daily spot trading volume of $38 billion. This surge in activity, according to David Lawant, Head of Research at FalconX, coincided with significant price fluctuations, seeing Ethereum dip to an intraday low of $2,152 before recovering to $2,919.
Bitcoin's High Volume
While Ethereum's volume hit an all-time high, Bitcoin also saw substantial activity, recording its third-highest daily volume at $49 billion. This high volume in both leading cryptocurrencies points to broader market dynamics at play.
Bullish Sentiment
Adding to the market excitement, Eric Trump, son of the current US president, expressed bullish sentiment toward Ethereum on social media, stating, “In my opinion, it’s a great time to add $ETH. You can thank me later.” This statement, coupled with large ETH transfers from World Liberty Finance to Coinbase, further contributed to the increased volume.
Market Context
While Ethereum's volume surpassed previous records, Bitcoin's volume, although impressive, remained below its historical peak. This divergence underscores Ethereum's increasing prominence as a focus of speculative trading in volatile markets. Prior to this, the highest on-chain volume for Ethereum in 2024 was $7.1 billion in November, driven by ETF inflows and the US election results.
Codeum: Your Blockchain Security Partner
Navigating the complexities of the crypto market requires expertise and security. At Codeum, we provide comprehensive blockchain solutions, including:
- Smart contract audits
- KYC verification
- Custom smart contract and DApp development
- Tokenomics and security consultation
- Partnerships with launchpads and crypto agencies