Ethereum has been notably underperforming Bitcoin through this latest rally. Here’s why this is so, according to a CryptoQuant analyst.
Ethereum Net Taker Volume Has Been Mostly Negative Recently
In a new post on X, CryptoQuant Netherlands community manager Maartunn has pointed out what the “net taker volume” for Ethereum is looking like.
The net taker volume here is an indicator that keeps track of the difference between the taker buy volume and taker sell volume on the Bitcoin futures market.
When the value of this metric is positive, it means that the taker buy volume is dominating the taker sell volume right now. Such a trend implies buying pressure may be strong in the market currently.
On the other hand, negative values could suggest the presence of a bearish sentiment among the investors, as selling pressure is higher than the buying pressure.
Now, here is a chart that shows the trend in the 30-day moving average (MA) Ethereum net taker volume over the past few years:
Looks like the 30-day MA value of the metric has been near the neutral mark in recent days | Source: @JA_Maartun on X
As displayed in the above graph, the Ethereum net taker volume has been mostly negative during the past few months, implying that sentiment around the asset has remained bearish.
Bitcoin, on the other hand, has enjoyed periods where the taker buy volume has surpassed the taker sell volume, as the chart shared by the analyst a few days back showed.
The 30-day MA value of the indicator seems to have been green in the last few weeks | Source: @JA_Maartun on X
Most notably, the net taker volume of Bitcoin is significantly positive right now, suggesting the strong buying pressure present in the market. Unsurprisingly, BTC’s sharp rally has come alongside these positive values of the metric.
Ethereum has no such buying pressure present at the moment. Maartunn believes this is why the ETH price has been performing considerably poorly against BTC recently.
Ethereum Has Still Not Touched The Highs Set Earlier In The Year
Ethereum’s underperformance against Bitcoin is easily visible in the asset’s year-to-date chart.
ETH has enjoyed some rise during the past month | Source: ETHUSD on TradingView
At the same time as Bitcoin observed its rally off the back of the highly positive net taker volume, Ethereum also saw a surge of its own. This rise, though, has been nowhere near as sharp as that of the original cryptocurrency, as ETH is still just trading around $1,800, which is notably less than the top of around $2,100 that the asset set back in April.
Not only has Bitcoin surpassed the $31,000 top it set back in July, it has also done so in spectacular fashion, as it’s now trading above the $34,000 level, which is significantly higher.
If the net taker volume is anything to go by, the second largest cryptocurrency may continue to underperform versus the largest, so long as investor sentiment around it remains negative.
Featured image from DrawKit Illustrations on Unsplash.com, charts from TradingView.com, CryptoQuant.com
where to get generic clomiphene without prescription cost clomiphene without rx buy clomiphene without dr prescription can i get cheap clomiphene without prescription cost clomid for sale how to get generic clomiphene without prescription cost of clomid without a prescription
I couldn’t resist commenting. Well written!
This is the type of enter I recoup helpful.
buy zithromax tablets – buy ofloxacin 200mg sale metronidazole 200mg for sale
domperidone pills – buy motilium 10mg online buy cyclobenzaprine 15mg for sale
order inderal 10mg pill – order methotrexate 10mg for sale methotrexate 10mg uk
augmentin online buy – atbioinfo how to buy ampicillin
buy generic nexium online – https://anexamate.com/ nexium online
buy deltasone 20mg generic – https://apreplson.com/ brand deltasone 10mg
where can i buy ed pills – https://fastedtotake.com/ ed pills no prescription
buy amoxicillin medication – purchase amoxil sale amoxil oral
purchase diflucan pill – https://gpdifluca.com/# order generic diflucan 100mg
cenforce generic – buy cenforce 100mg without prescription cenforce 50mg brand
buy cialis no prescription australia – https://ciltadgn.com/ cialis before and after pictures
best place to buy liquid tadalafil – this cialis tadalafil 20mg price
order generic zantac 150mg – https://aranitidine.com/# order ranitidine online
buy cheap viagra thailand – cheap viagra 100 viagra for women
The thoroughness in this break down is noteworthy. https://gnolvade.com/
This is a keynote which is in to my verve… Many thanks! Exactly where can I find the acquaintance details an eye to questions? https://buyfastonl.com/
More posts like this would prosper the blogosphere more useful. https://ursxdol.com/cenforce-100-200-mg-ed/
This is the kind of topic I get high on reading. priligy without prescription
With thanks. Loads of expertise! https://aranitidine.com/fr/ciagra-professional-20-mg/
This is the stripe of content I get high on reading. https://ondactone.com/spironolactone/
I am actually delighted to glitter at this blog posts which consists of tons of useful facts, thanks for providing such data. generic motilium without prescription
This is the make of advise I find helpful. http://anja.pf-control.de/Musik-Wellness/member.php?action=profile&uid=4701
cheap xenical – orlistat for sale online order xenical 120mg without prescription
Thanks on putting this up. It’s evidently done. http://seafishzone.com/home.php?mod=space&uid=2331131