Ethereum outperforms Bitcoin in monthly trading volume

While Bitcoin and Ethereum were exposed to massive volatility in this market crash, ETH's on-chain data is once again showing strength. Messari's research analyst Ryan Watkins has shown that investors are more interested in Ethereum than in Bitcoin. Ethereum trading volume exceeded that of Bitcoin in the last month.

Additionally, the supply of Ethereum on the crypto exchanges has continued to decline, returning to pre-correction levels reached before last week's crash. The decline in ETH supply suggests higher demand for cryptocurrencies, which is a bullish indicator.

I hate to say it, but $ ETH seems more attractive than $ BTC. The $ ETH portfolio on the stock exchanges is back at the level before the dumping. Combined with the break in daily price levels ($ 2775), it is stronger than $ BTC which has not regained inflow levels & is at daily resistance.

Ethereum versus Bitcoin

During the recent market correction last week, the ETH / BTC pair has shown strong resilience compared to its previous performances. During previous crashes, Ethereum (ETH) has seen significantly larger drawdowns. Glassnode recently said:

Since ETH shows greater resilience to market declines over time compared to BTC, it is possible that DeFi participants may flee to ETH as a strength rather than BTC and stablecoins.

However, Ethereum continues to face strong resistance at $ 3000. So far, ETH has not been able to break through the important resistance, but the chances of a timely break are there. Bitcoin is currently in a similar situation as the cryptocurrency does not have enough purchasing power to overcome the resistance at $ 40,000.

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