Ethereum Falls Out of Favor, Chinese Investors Prefer Litecoin

Cryptocurrency trading is currently very popular in China, and it is no exception in any country. Bitcoin (BTC) is the first choice for investment in almost every country. However, judging from the transaction volume in the Chinese market, Litecoin (LTC) and Ethereum (ETH) are still in a competitive state, while the situation in the US market is another matter.

Recently, the Chinese cryptocurrency trading market is really confusing. The trading volume of Litecoin is much larger than that of Ethereum. Ethereum is very popular in the world recently, attracting a lot of people's attention, but the trading volume in the Chinese market has not increased at all.

In the past 24 hours, the transaction volume of Litecoin was nearly 30亿RMB, while the transaction volume of Ethereum was only 180万RMB. Data generated by some exchanges that accept RMB showed that only 20804 Ethereum were traded in 24 hours, which is too unexpected.

In contrast, the US market is dominated by Bitcoin and Ethereum, with Litecoin in third place. However, Ethereum seems to have lost momentum, with a trading volume of only $1 million in the past 24 hours. Although the vast majority of Ethereum transactions come from the Bitcoin market, this result is still surprising.

It is interesting to see that Litecoin ranks second in terms of transaction volume in the Chinese market. However, Litecoin has not had any substantial innovation for a long time.

I think in addition to predicting prices, our focus should be to know what Chinese investors do with Litecoin. So far, it seems that no investors have used Litecoin to purchase goods or services. These Litecoins are only used to monitor the price trend of cryptocurrencies. In any case, at least we know that Litecoin is still a long way from extinction.

The following is the transaction volume of the Chinese market at the time of this article’s publication. Data source: CryptoCompare