The entire Ethereum community has been on high alert since the date of the upcoming Ethereum 2.0 upgrade was finalized. After years of planning and upgrading, Ethereum is finally near the finish line and will become a 100% proof-of-stake platform next week. Amid the release of the upgrade, Ethereum Futures has experienced a massive surge, surpassing Bitcoin Futures.
Ethereum Futures Surpasses Bitcoin Futures in Volume
Earlier today, ETC Group released a graph of the Ethereum Futures and Bitcoin Futures volumes. The graph showed the progression of volume over the last few months from March to August. The graph revealed that Ethereum Futures is taking the lead for the second time ever.
Traditionally, Bitcoin Futures overtakes Ethereum Futures in a ratio that ranges from 2:1 to 5:1. The recent surge in volume shows that the liquidity of the ETH token has increased significantly over the last few months. This is due to the rising interest in the Ethereum network and the ETH token.
Apart from the rise in Ethereum Future volume, there was also a 40.3% rise in transaction data count between August 31 and September 4th. Whether or not the rise will continue after the upcoming upgrade is unknown.
As Futures volume and transaction data rise, the price of Ethereum has also maintained a bullish outlook compared to Bitcoin over the last few months. While both cryptocurrencies have maintained similar trends, ETH appears to have more upward volatility than BTC.
At the time of writing, the price of Ethereum ETH was $1,719.12. This means it is up by 5% over the last 24 hours. The cryptocurrency was trading in the $1,630.58 to $1,735.81 range. If the uptrend continues, ETH may rise above the $2000 level soon.