Coinbase Report: Ethereum Trading Volume Exceeded Bitcoin Trading Volume For The First Time
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Answer Coinbase Report: Ethereum Trading Volume Exceeded Bitcoin Trading Volume For The First Time
Yesterday, Tuesday, August 10, issued Cryptocurrency trading platform Coinbase announces its earnings report for the second quarter of 2021.
The Nasdaq-listed company posted a staggering revenue of $2.23 billion versus the $1.78 billion forecast.
Over the past three months, the company reported net income of $1.61 billion.
The second quarter was the most volatile for the cryptocurrency market as Bitcoin and Ethereum corrected more than 50% from their all-time highs.
One of the major milestones present in the second quarter of 2021 was that the trading volume of Ethereum exceeded that of Bitcoin for the first time in history.
Read:Find out the number of failed transactions on the Ethereum blockchain in May 2022
Total trading volumes increased by 38% to $462 billion, compared to the previous quarter.
Quoting from the Coinbase report:
In the second quarter, our total trading volume continued to diversify into Ethereum and other crypto assets.
Nearly 24% of total trading volume in the second quarter was concentrated in bitcoin, down from 39% in the first quarter.
We believe this mixed transformation is influenced by several drivers.
This comes amid a growing demand among retail and institutional players for Ethereum (ETH).
In addition, the rapid growth of the ecosystem of decentralized finance (DeFi) and non-fungible tokens (NFT) has played its part in favor of Ethereum.
The Rise of Ethereum:
Ethereum has already outperformed Bitcoin since the market crash of 2020.
This year, Bitcoin gains so far at 50%, while Ethereum is trading at 6 times higher than its price at the beginning of the year, yielding over 500%.
Many market analysts are already predicting that the price of Ethereum will reach $8000-$10,000 by the end of this year.
The recent launch of the “London” update and EIP-1559 contributed to the lack of Ethereum supply along with increased demand.
Read:A fraudster handed over to trial in the US after stealing more than $70 million in Bitcoin
As we approach the full launch of Ethereum 2.0, the demand for Ethereum will continue to rise even more.
At the time of writing this article, Ethereum is trading at $3,233 with a market capitalization of $377 billion.
Ethereum is still 30% away from its all-time high of $4,400.
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