According to a quarterly report by Capital.com, cryptocurrency sales grew by 93% in the first quarter of 2022.
Ether (ETH) and the US dollar (USD) pair attracted the most traders from January to March 2022, according to the Capital.com trading platform.
In its quarterly report, Capital.com noted that in 2021, the largest number of traders held Dogecoin (DOGE) against the US dollar. However, the ETH/USD pair has taken over for the first time for most traders on the trading platform.
The quarterly report notes that cryptocurrency revenue increased by 93% in the quarter. Despite the positive statistics, the report acknowledges that the increase in sales does not reflect broader market trends, as the number was reached in one day due to several bursts of volume.
Capital.com also stressed that the broader market is currently in a state of disinterest. According to Capital.com chief analyst David Jones, the downtrend of bitcoin (BTC) from November to January affected the interest of retailers in cryptocurrency. Additionally, the analyst mentioned that crypto traders are “herd animals” driven by momentum.
After a high level of investor participation in January, there was a decline in the following months. In February, digital asset traders on the platform fell by 16%. The following month, the number dropped another 10%.
Related: The More You Know About Bitcoin, The More Optimistic You Are: Block Poll
On Monday, the price of ETH approached $2,000 while BTC surged above $30,900. However, analysts note that despite the rally, the uptrend in prices may be weaker than in mid-2021. On the other hand, some analysts also note that a rise to $2,700 is possible in the summer.
Meanwhile, the Ropsten testnet is transitioning to Proof-of-Stake (PoS) consensus on Ethereum. Ethereum developer Tim Beiko shared the news that the Ropsten testnet will merge on June 8 with the new Ropsten beacon network launched on Monday. Following the transition, two more testnets named Goerli and Spolia will transition to PoS before the migration to the main Ethereum network begins.