Binance has a reputation as the biggest cryptocurrency exchange by trading volume. That reputation seems not to change as the exchange has received the highest ETH deposits in the last 7 days.
Data from Ethereum block explorer Etherscan reveals that Binance received 981,148.15 ETH (~ $1.88 billion) in a week.
The exchange also came out as the top Ethereum sender with 1,085,563.39 ETH (~ $2.08 billion) sent in the last 7 days. This makes Binance exchange with the highest transaction volume overall for Ethereum over the last week.
USDT driving volume
Ethereum as the second-largest cryptocurrency by market cap is in high demand. However, the high volume on Binance is driven mainly by one trading pair, ETH/USDT.
Data from CoinMarketCap shows that ETH/USDT is the pair with the fourth-largest volume. It is also the only ETH pair among the top 7 trading pairs. This is followed by the ETH/USD pair, which has the 8th largest volume.
This is not surprising as USDT has been a popular digital asset for some time now. Indeed, it is the asset with the highest trading volume. USDT pairs for all of the top assets on Binance have the highest trading volumes, particularly as the market is quite volatile at this time.
Ethereum heads for $2,000
Ethereum has done well in 2021, but more is expected of the second-largest cryptocurrency.
At the moment, a new psychological price level of $2,000 has been set by the crypto traders. It may not be long before this price is reached though.
At the moment, the price has crossed $1,900. As Bitcoin surges higher towards $60,000, ETH is also inching closer to $2,000 as Ethereum is largely dependent on the price behavior of Bitcoin, which is showing growth momentum.