The metric has dropped by 23% to around $45K Ether. The market depth aggregated across these exchanges also shows that the Ethereum market depth has been declining since early August.
The average weekly trade volumes have also dropped significantly compared to the 2021 average. As the risk sentiment across the crypto market grows, the price of Bitcoin has dropped by 12%, while Ether has dropped by 17%. However, the selloff reported last week across the crypto market shows that Ether is still a risky asset. The increased trading volumes from people who want to buy Ethereum are because of the Merge, creating optimism around the project. The volume market share for the ETH-USD trading pair compared to the BTC-USD pair aggregated on ten crypto exchanges has increased from 38% in mid-July to 57% last week. The levels have even exceeded the previous record-high of 55% created during the May 2021 selloff.
The Ethereum market share of its weekly trade volumes is at the highest level ever since 2018, according to a report by Kaiko.
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