New research shows retail crypto traders are turning more and more to ETH

Eric Ma, CEO of TIDEX, comments on the recent surge of interest in Ethereum.

Cryptocurrency enthusiasts are turning their attention to Ethereum as its value continues to soar, according to recent research. This growing focus on Ethereum reflects its remarkable price performance this year, with the digital currency gaining approximately 54% when the study was conducted.

The study, which leveraged advanced AI-powered tools, analysed the sentiment of non-professional traders who trade at least $5,000 worth of cryptocurrencies monthly in regions such as the UK, US, Germany, Brazil, Hong Kong, Singapore, the UAE, and South Africa.

The findings indicate that 76% of these traders believe Ethereum’s price will end the year above $1,900, while a substantial 55% anticipate it surpassing $2,000. Furthermore, 11% predict Ethereum’s value will climb beyond $2,500 by the end of 2023.

Commenting, Eric says: “It’s no surprise as Ethereum is the cryptocurrency which has the most compelling use case in the entire crypto ecosystem. It’s different from Bitcoin which is seen more as a store of value. Ethereum is both a medium for cryptocurrency transactions as well as a platform to build and run programs via smart contracts. With so many other projects currently built on Ethereum and connecting with existing Web2 infrastructure, it’s no longer just a speculative asset anymore. It’s an asset that has real use cases and purpose.”

As Ethereum continues to perform well in the market, more traders are turning their attention to this cryptocurrency and incorporating it into their monthly trading activities. Compared to the previous year when only 11% of non-professional traders used Ethereum for over 50% of their monthly trading, the study indicates that this number will increase to 17% in the current year.

Additionally, around 54% of traders are expected to allocate 25% or less of their monthly trading to Ethereum.

The research suggests that Ethereum is becoming an increasingly attractive asset for traders, driven by its impressive market performance. As cryptocurrency markets continue to evolve, traders are seeking valuable insights and data to support their investment decisions.

This demand has led to a surge in interest in Ethereum, as traders look to capitalise on its ongoing price rally.

Concluding, Eric says: “Ethereum is difficult to ignore and those that are investing in cryptocurrency ought to have exposure to ETH. Continuously developing, Ethereum has found ways to solve challenges it has faced since its creation in 2015. It’s exciting to see what it holds in the future not only in price but in its capabilities.”