The buying pressure in the United States drove Ether’s 11% increase over the last week, according to statistics from CryptoQuant, a platform that monitors exchange activity locally.The “Coinbase premium,” a measure of the difference between Coinbase’s ETH/USDT pair and Binance’s ETH/USDT pair, indicates that a surge in demand from the regulated exchange Coinbase (COIN), which is most well-known in the United States, came before a spike in ether (ETH) prices.
“The recent Ethereum price action was driven by the US demand,” CryptoQuant’s head of marketing, Ho Chan Chung, said in a Telegram message. “We can clearly see that the Coinbase has triggered the upward movement with the premium index.”
The indicator is beginning to increase once more, pointing to further price increases in the upcoming weeks.Although Binance, which originated in China, is one of the most well-liked exchanges among traders in Asia, Coinbase is more well-liked by traders in the United States and Europe.There might have been a spike in demand for the asset in the area to purchase spot ether ETFs due to expectations of approval for a potential ETF in the United States.In January, seasoned and successful traders began increasing their exposure to ETH.
Even while there has been a noticeable increase in interest in ether bets, some traders believe that an ETF could lead to steady growth for the second-largest cryptocurrency by market value rather than rapid development.Applications for an ether ETF had been submitted as of Tuesday by Hashdex, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy, and Franklin Templeton.Over the last day, ETH has increased 6.5%, but the CD20 index of the overall market has increased 8.1%.