Ethereum price performance after an unexpected surge in trading volume

The Ethereum price consolidated in a narrow range pattern on Saturday after following an unexpected surge in Bitcoin BTC in trading volume. According to the trading view of CoinMarketCap, Ethereum ETH trading volumes came within $50 million of the $12 billion mark at 10:14 UTC, levels not seen since the height of the bull market."Ethereum price performance after an unexpected surge in trading volume"

Ether Price performance Update

Ethereum price has traded within a relatively narrow range between 10-15 dollar range over the past 24 hours, with prices hovering between $463 and $473. At the time of writing, the cryptocurrency market trading volume was valued at $466 million.

Ethereum is the second-largest cryptocurrency by market cap is virtually growing over the past seven days and is up a mere 2.6% for July. By comparison, bitcoin price has added 10.5% over the past seven days and 28% this month.

The total cryptocurrency market cap was worth $297 billion on Saturday, little changed seen from 24 hours ago.

Ethereum price performance after unexpected surge in trading volume

Ethereum Unexpected Surge in Trade Volumes

The more compelling story was the unexpected surge in trading volume in ether trade volumes over a 13-hour period. as reported by CoinMarketCap, the Date shown in Ethereum trading volumes surged from around $1.7 billion to quite $11.9 billion between Friday and Saturday. throughout 24-hour trading volumes had come back to $1.6 billion..
expected these surging trade volumes are a sign of growing liquidity, the cryptocurrency market has sorely lacked in a downtrend over the past six months. For cryptocurrencies trading volume a sudden spike in turnover is usually accompanied by higher prices again.

While CoinMarketCap knowledge is cited as industry-wide for their dependability, it's not clear whether or not Ethereum’s daily transaction figures are correct. As Hacked reported last week, many digital currency exchanges are outed for producing “fake volumes,” something CoinMarketCap has even acknowledged.

In a blog post published July 19, CoinMarketCap said it was adopting new minimum volume requirements for exchanges seeking a listing on the website. However, the company acknowledged there was no way to enforce compliance.'Ethereum price performance after unexpected surge in trading volume'

“While we have a relationship with most of the exchanges listed on our website, there's no guarantee that any of them can respond or follow to any specific pointers, however we've to continue showing users the most effective approximation of price and volume based on all the data we've got on the market.”

That being said, the Ethereum price trading volume spike was accompanied by the same rise in overall cryptocurrency trading volumes. using the same CoinMarketCap information, total trade volumes surged from $15.8 billion to $37.7 billion over the identical 13-hour period.

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