In the past hour, the whole network has sold out $37.76 million
According to the report, according to the data of Coinglas, the whole network has sold out US $37.76 million in the past hour, of which ETH sold out US $11.03 million and BTC sold out US $3.74 million.
Interpretation of this information:
The report states that based on the data from Coinglas, the entire network has witnessed the sale of US $37.76 million in the last hour. This means that there has been a massive movement of funds in the digital market, which is significant when it comes to cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC).
Of the total sales, ETH has witnessed a larger share, selling out US $11.03 million, while BTC witnessed US $3.74 million in sales. This indicates that ETH is currently in higher demand compared to its peer crypto, BTC.
The sudden surge in sales can be attributed to the current market situation, which is highly volatile and unpredictable. It is not uncommon for cryptocurrencies to witness sudden drops or surges in value within a few minutes, hours, or days, leading to fluctuations in the market.
Many traders may take this as an opportunity to sell their crypto units to escape potential losses or to cash out on their investments. This sudden surge in sales could also be due to the rise in the value of these cryptocurrencies, leading traders to take advantage of the higher returns on their investments.
Another factor that could have led to the increase in sales of ETH and BTC is the increasing popularity of these cryptocurrencies among institutional investors. Many large firms are now showing an interest in investing in digital assets, which has raised the demand for popular cryptocurrencies like Ethereum and Bitcoin.
In conclusion, the reported sales of US $37.76 million in the last hour indicate a significant movement of funds in the digital market, which can be attributed to various factors like market volatility, investment strategies, and institutional interest. The higher demand for ETH in comparison to BTC suggests its current popularity and value among traders and investors. As the crypto market continues to evolve and adapt, it is expected that such sudden surges in sales will become more common, leading to fluctuations in the market.
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