ETH/USD is looking like a formidable pair at the moment. They have made some significant progress in the crypto market. This has resulted in the pair performing exceedingly well in the initial three months of the year. According to the statistics provided by the reputed website, Capital.com, the pair has grown by 93% in recent months.
The partnership happened between the company Ether along with the currency of the United States, dollars. Previously, the number one spot was held by the pair of DOGE and USD. They reigned supreme throughout the year 2021. However, the platform for the most number of traders has been clinched by the new pair for the first time in crypto history.
However, as rosy as the situation seems to be, there is an amount of skepticism in the air. The figure of 93% turnover by ETH/USD was the result of a few single-day spikes. The overall trends during the month of May had every company on its knees. The month was exceptionally tough for the investors as well as the companies. Let us learn more about the story in detail below.
ETH/USD Excels In The First Quarter
ETH/USD has garnered 93% turnover in the first quarter of the year. However, David Jones, an expert analyst has stated that one of the major reasons for the downward trend of the crypto market is the poor performance of Bitcoin. The trend of Bitcoin has gone down for a number of months.
The slump of Bitcoin has created an atmosphere of fear and risk around the market. This resulted in the investors losing interest in the crypto market. It now remains to be seen whether the ETH/USD partnership can turn the tides or not.