Drop In ETH/USD Trading May Cause EUR Market To Gain Momentum
Ethereum trading is in a bit of a slump over the past few days, similar to most other cryptocurrencies in existence today. As the Bitcoin price continues to trend upwards, other currencies will lose some of their stream across the markets. But that does not necessarily have a significant impact on the Ethereum price either.
Ever since the beginning of June, Ethereum trading against the US Dollar has gone downhill. With nearly 173,000 ETH being traded on June 1st, yesterday saw just barely over half of that volume. Today is off to a slow start as well, with just over 34,000 ETH traded at the time of writing. Every time the Bitcoin price goes up in USD value, it seems traders forget about using fiat currency to trade altcoins.
By the look of things, it is very well possible EUR trading will overtake the USD market, as far as Ethereum is concerned. There is only a 20,000 ETH discrepancy between the two trading pairs, which is a lot smaller than most traders would expect it to be. However, it will take some time until this change comes to fruition, though.
Bitfinex and Kraken remain the two major USD exchanges for Ethereum, as they have been for quite some time now. Many people criticized Bitfenix when the platform announced the addition of ETH trading, but the company made the right call back then. Coinbase, while being late to the Ethereum trading party, remains in third place for the time being.
It is interesting to note that, despite Poloniex offering USD trading options as well, most traders flock to this platform to trade Ethereum and Bitcoin. Using fiat currency requires additional account verification, whereas users can buy Bitcoin without too many issues. This situation may change in the future, though, depending on whether or not the exchange adds more convenient USD depositing options.
In the end, the Ethereum trading market all comes down to how much one ETH is worth today, for most traders at least. The Ethereum price has not dropped all that much despite a dip in trading volume. At the time of writing, one Ether was worth US$13.74. Only time will tell if this upward trend will continue.
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.