The latest report shows that Ethereum trading volume grew faster than Bitcoin in the first six months of 2021. Ethereum recorded a 1,461% increase in its trading volume from January to June 2021. This was from an investigation carried out by a top exchange in the industry-Coinbase.
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The exchange released a review report few days prior, showing that ETH saw more trades than BTC. It also showed that the first half of 2021 was very active for the industry as there were many user adoptions, trading activities, and prices hikes.
Measuring Criteria For Results
This report resulted from a calculated analysis carried out on the performances of these two cryptos across several platforms. During the research, the team collected data from 20 top exchanges all over the world.
When analyzing the results, the team discovered that Bitcoin rose to a $2.1 Trillion or 489% increase in the first half of the year. This figure was positive given the $356 billion it had at the same time last year.
On the other hand, the report revealed that Ethereum recorded a $1.4 trillion trading volume in the first half of 2021.
This amount represents a 1,461% growth from the $92 billion it had last year at this same period. Moreover, according to Coinbase, this period has been the first time in history that ETH recorded a higher volume than BTC.
As it appears ETH is making up for previous losses after crossing the $3k barrier | Source: ETHUSD on TradingView.com
Another aspect of the measurement was the crypto market cap. Bitcoin started at $769 billion in 2021. The market cap rose to $2.4 trillion in May and later came down to $1.4 trillion. However, the crypto recorded an 86% increase in its net gains.
Timeline For Ethereum And Bitcoin Gains
According to the report, BTC gains were from Quarter 4 of 2020 and Quarter 1 of 2021 before its crash in Quarter 2. The BTC price is below 38.8% from the amount of &65,899, which is sold on April 13, 2021.
On the side of Ethereum’s gain, the report revealed that it made more gains in Quarter 2 of 2021 when the price soared to $4.357. This was on May 12, when the crypto recorded its all-time high. Unfortunately, the crypto has taken a dive down by 47.47.
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Ethereum also appreciated up to 895% in just one year and 210% in six months that ended on June 30. According to Coinbase, many factors contributed to its growth, including the rise of decentralized finance, investors’ enthusiasm about the proof-of-stake mechanism, and the layer-two scaling solutions that it rolled out.
In January, it was predicted that many investors’ interests would shift from Bitcoin to Ethereum. So, the report seems to be proof of the predictions. However, both crypto assets have started to gain a little by 32.4% for BTC and 27.7% for ETH.
Featured image from Pixabay, Chart by TradingView.com