CryptoQuant: The trading activity of ETH and altcoins is on the rise

ChainCatcher news, according to CryptoQuant data, after the Bitcoin price broke through $120,000, the cryptocurrency market landscape has undergone significant changes. The data shows that the price of Ethereum has risen 170% from recent lows, just 23% away from its historical high of $4,871. One of the main factors driving this surge is SharpLink's investment of $1.3 billion to acquire 438,190 ETH.

Data from the cryptocurrency derivatives market shows that the trading volume of altcoins and Ethereum futures contracts reached $22.36 billion, setting a new five-month high. Notably, in centralized exchanges, the trading volume of altcoins and Ethereum futures has accounted for 83% of the total, while Bitcoin futures trading volume only accounts for 17%.