Ethereum's spot and futures volumes are rising faster relative to Bitcoin's

With the recent hype surrounding various Open Finance protocols, ETH/BTC price ratio is up 112% since September 2019; from 0.0162 BTC to 0.0343 BTC. However, ETH/BTC is still down 78% from its all-time high of ~0.155 BTC in June 2017.

Bitcoin’s market cap is still about 4.8 times higher than Ethereum’s. One interesting indicator, which is often overlooked, is the ratio between the traded volume of Bitcoin and Ethereum on centralized exchanges. When the ETH/BTC volume ratio rises, it indicates that traders are trading Ethereum more relative to Bitcoin and that’s a good proxy of interest.