Bitcoin
BTC$36 573.27

0.47%

Ethereum
ETH$2 395.04

-1.19%

Tether
USDT$1.000293

-0.01%

Binance Coin
BNB$384.43

4.84%

USD Coin
USDC$1.000240

-0.02%

Cardano
ADA$1.021485

-1.64%

People Are Trading Ether More, Bitcoin Less


14 Jul 2020

#Ethereum

Exchange balances for ETH and BTC move in opposite directions in a new insight into investor sentiment. Ether (ETH) is trading at its highest since before the March coronavirus crash, but data suggests that investors have little interest in holding the second-largest cryptocurrency by market capitalization.

Uploading findings using on-chain monitoring resource Glassnode on July 10, one trader noticed that Ether exchange balances remain high, while Bitcoin (BTC) balances have dropped considerably.

BTC, ETH exchange balances diverge


According to the unverified data, since March, ETH balances on exchanges have continued to trend upward overall. At the same time, BTC has been leaving exchanges en masse over the past three months. 

“Ever since the Black Thursday crash, Bitcoin balances on crypto exchanges have been falling quite fast. On the other hand, Ethereum exchange balances continue to remain relatively stable,” the trader summarized.

The phenomenon could have several implications. Coins on exchanges are more vulnerable but quicker to trade, suggesting that owners store them there to sell at short notice.

As Cointelegraph reported previously, BTC traders have shown a preference for saving in recent months, rather than selling or trading.

On Ethereum, the network for which Ether is the native token, the current DeFi trend may also be influencing investors. The decentralized finance sector has sparked a token boom and associated trading, and as ERC-20 tokens on Ethereum, ETH is required for transactions.

ETH would make a suitable “home” asset for DeFi traders given its recent low volatility in the run-up to its fifth birthday.

Buzzword altseason


Meanwhile, ETH/BTC correlation has risen in the short term, while a longer trend has seen ETH remain fairly constant as a percentage of BTC price, data from Skew shows.

Meanwhile, talk of a new “altseason” — a period of growth and profitability in altcoins — continues to gather pace. Among those forecasting a new alt gold rush is Peter Brandt, the trading stalwart who eyed ETH gains over BTC this week.

“Most alts should gain on #bitcoin in near future,” he summarized.

Zooming out beyond DeFi, major altcoins still remain at a fraction of their all-time highs from more than two years ago. ETH once traded at almost $1,400, but has failed to recapture more than 20% of those levels since. BTC, on the other hand, currently sits at around 50% of its all-time highs.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 74% 46 $36 573.27 0.47% -6.15% $692 773 893 848 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.4% 61 $2 395.04 -1.19% -16.58% $285 835 747 014 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000293 -0.01% 0.01% $78 191 524 513 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 70.4% 65 $384.43 4.84% -10.35% $63 475 748 701 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $1.000240 -0.02% -0.01% $49 498 522 885 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 69.6% 64 $1.021485 -1.64% -17.20% $34 273 904 637 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 72.8% 53 $0.597685 -1.25% -13.61% $28 531 643 354 XRP 7 days price change
8 Solana (SOL) SOL Solana predictions 68.8% 67 $88.80 -1.31% -28.10% $27 969 104 592 SOL 7 days price change
9 Terra (LUNA) LUNA Terra predictions 63.2% 73 $51.75 -12.95% -33.42% $20 738 133 252 LUNA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 70.4% 64 $0.139470 -1.37% -9.41% $18 503 534 354 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 66% 68 $17.73 -0.38% -21.02% $17 511 259 626 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 70.4% 66 $63.16 -1.55% -17.40% $15 464 065 622 AVAX 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $1.000132 0.02% 0.10% $14 845 895 746 BUSD 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 64.8% 73 $1.61 2.39% -15.17% $12 008 916 581 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64.4% 68 $0.000021 0.64% -19.59% $11 390 172 652 SHIB 7 days price change

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