Blockchain and crypto reporter Colin Wu reported that ETH inflows to digital exchanges fell by 44.2 percent when the Ethereum price hit an all-time high of $ 3,000 earlier today. In addition, the Chinese stock exchange Huobi recorded an ETH transaction volume of over $ 1 billion. Details are in our news.
Ethereum closed April with several green candles in a row, and has gained about 15 percent since May 1st. Today, it identified two new ATHs in a row: first it broke the $ 3,000 price line, and a few hours later it rose to $ 3,140.
Since the beginning of the year, the second largest digital currency has gained 311%. Bitcoin, on the other hand, increased by 106% during this period. Based on Glassnode data, Colin Wu reported that Ethereum’s entries on crypto exchanges have dropped by a staggering 44.2 percent in the past 24 hours.
The ETH transaction volume in Huobi has also exceeded $ 1 billion. According to CoinMarketCap, Huobi ranks second after Binance, showing an ETH volume of $ 2,211,506,676.
Ethereum broke through $3,000, and the increase of Eth (311%) this year is nearly 3x that of Bitcoin (106%). Glassnoda showed that the ETH flowing into the exchange in 24h dropped by 44.2%. The trading volume of ETH on Huobi exceeds 1.1 billion U.S. dollars, ranking first. pic.twitter.com/U7vaSKWkL8
— Wu Blockchain (@WuBlockchain) May 3, 2021
The popularity of the digital asset is attributed to it being the blockchain of choice for many products and services using DeFi (decentralized finance) applications. Transactions on the Ethereum blockchain reached a record 41.7 million in April. According to Sergey Nazarov, co-founder of blockchain platform Chainlink, investors believe the rise of DeFi will spur Ethereum’s growth for two reasons.
“Thousands of developers are developing applications that recreate traditional financial products on top of Ethereum in decentralized ways, and as more and more users interact with these applications, they need ETH to perform any transaction. Second, there seems to be increasing institutional interest in the public Ethereum blockchain as stakeholders explore ways to take advantage of the public network. For example, just last week, the European Investment Bank announced it would launch a digital bond sale. Ethereum and JPMorgan published a report examining the historical performance of ETH. “