We saw another impressive performance from ETH this week. There has been almost no significant consolidation this month for ETH at all. It chased one All Time High after another. ETH is currently trading above $4,000: it was at $4,040 this morning.
Since the April 2021 expiry, the overall trading volume has been very high. Even the open interest in derivative products has continuously gone up, leading to bigger strike levels at 3,200 (on the downside) and 5,000 (on the upside).
Ethereum Classic has been a seemingly forgotten cryptocurrency, but it attracted the attention of many this week when it gained more than 300% since the beginning of May 2021. Ethereum Classic is the sibling fork of Ethereum, and has not been the most trusted cryptocurrency in the past. It was subject to several 51% attacks that compromised its reliability, and exchanges now ask for thousands of confirmations to just acknowledge a deposit. On the Kraken exchange, for example, users must wait almost a week (40 confirmations) for a deposit to become effective. ETH is in the process of changing its consensus algorithm to proof of stake, and the changes seem to be even closer at the moment. This means that the huge mass of miners that are now securing the Ethereum network need to migrate to other chains to survive. The market might be anticipating this move, betting on Ethereum Classic for the future.
BTC traded in a $2,500 range over the weekend, exhibiting an overall stable trading volume over the last couple of days. The BTC open interest in derivative products is concentrated between 48,000 and 52,000 on the downside, and between 60,000 and 65,000 on the upside. The ETHBTC spread rose over the weekend by another 9% in favour of ETH. It is currently trading at 0.068.Read more