From January to March 2022, the ethereum (ETH)/dollar (USD) pair attracted the largest number of traders, according to trading platform Capital.com.
In its quarterly report, Capital.com noted that in 2021, DOGE/USD will see the highest number of traders. However, for the first time, ETH/USD attracted the majority of traders on the trading platform.
The quarterly report noted that cryptocurrency trading volumes increased by 93% during the quarter. While the data is positive, the report acknowledges that the number was reached due to several single-day volume spikes.
Capital.com also highlighted that the broader market is currently cool. David Jones, chief analyst at Capital.com, said that Bitcoin's downtrend from November to January this year has affected retail traders' interest in cryptocurrencies. Additionally, the analyst mentioned that cryptocurrency traders are “herd creatures” driven by momentum.
After high levels of investor engagement in January, the ensuing months saw a decline. In February, the number of digital asset traders on the platform dropped by 16%. Over the next month, that number dropped another 10%.
On May 30, the price of ETH approached the $2,000 mark as BTC climbed above $30,900. However, despite the rebound in prices, the uptrend could end up being weaker than it was in mid-2021, analysts noted. On the other hand, some analysts also pointed out that Ethereum may rebound to $2,700 in the summer.
Meanwhile, the Ropsten testnet on Ethereum is moving to Proof-of-Stake (PoS) consensus. Ethereum developer Tim Beiko shared the news that on June 8, the Ropsten testnet will merge with the new Ropsten beacon chain, which was launched on May 30. After the transition, two other testnets called Goerli and Spolia will migrate to PoS before the migration to the Ethereum mainnet begins.
Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.