Attention on ether faded after hope for an ETF initially dwindled earlier in the year and after the Dencun upgrade went live. The asset was lagging behind both bitcoin, flourishing after its spot ETF launch, and many other crypto assets with strong rallies in the first few months of the year.
We’ve similarly seen some pretty sharp wicks in the SOL/ETH chart, with 1 SOL able to buy about four times as much ether as it was a year ago, even with Ethereum’s recent climb. But on May 26, the gap between the two had narrowed, with bitcoin’s moving average dropping to $12.89 billion in trading volume compared to ether’s $11.26 billion.
However, ether's 87% of bitcoin’s daily volume is its largest relative share ever. The previous peak was 85% in June 2021, when trading of both assets was amplified at the height of the bull market.