The trading volume of Ethereum futures in September sets a new all-time high record of $172.2 billion. This monthly volume has particularly increased by 5.3% from the previous record of $163.1 billion in August.
Additionally, ETH’s price soared to a two-year high of $445 in August 2020, setting another milestone. As a result, traders generally anticipate a stronger uptrend ahead.
Crypto traders such as Satoshi Flipper tweeted that there is no hard resistance for ETH until $780.
2 years $ETH spent in that range and we finally broke out
No hard resistance until $780. This run has literally just started 🚀 pic.twitter.com/alMvDrxMAK
— Satoshi Flipper (@SatoshiFlipper) August 14, 2020
Equally important, since the beginning of 2020, Ethereum futures volume has grown by nearly 320%, as per The Block Research. Thus, Ethereum continues to gain strong momentum through the surge in trading volumes and the explosive growth of the decentralized finance (DeFi) sector.
Notably, the ratio between Bitcoin and Ethereum futures volume has also dropped to new lows. The ratio stood at 9.6 at the beginning of 2020, eventually dropping down to 2 in September.
Overall, the rising ETH trading volumes show that there could be further room for ETH price to grow. Demand for Ethereum futures continues to grow showing renewed interest in the crypto and alternative cryptocurrencies in general, as a large amount of altcoins such as DeFi tokens are built on Ethereum.
By definition, futures contracts are an agreement between two parties to buy or sell a given asset at a set price in the future. Moreover, the progress being made prior to Ethereum 2.0’s potential such as the Spadina and Zinken testnets give investors more confidence about the long-term potential of Ethereum.