Crypto Index Tracker: Smart Contract Index Rallies
- By Dalvir Mandara
- 4 min read
Crypto markets have had a volatile week. Bitcoin began Monday at around $20,000 before plummeting to lows of around $18,500 on Wednesday. Since then, it has been rallying – it is currently trading at around $20,100. However, ethereum has been outperforming. It is currently trading at around $1,700, up 14% from Wednesday lows compared to 11% for bitcoin.
The Merge
Ethereum’s outperformance is due to the euphoria surrounding the merge. Supporting the rally, we find that futures trading volume for ethereum outpaces that of bitcoin, whales are accumulating, and investors are betting on higher yields on staked ETH (see our latest ethereum update for the details).
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