Tuesday, November 30, 2021

Ethereum Trading Volume Growth Overtakes Bitcoin

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According to a report released by Coinbase Global Inc. which is the largest crypto exchange in the United States, the trading volume of Ethereum rose faster than Bitcoin in the first half of the year. Coinbase prepared this research based on data from 20 major exchanges around the world and found that Bitcoin’s trading volume for the period surpassed $2.1 trillion, up %489 from $356 billion over the first half of last year. During the same period, Ether’s total trading volume increased by 1,461% to $1.4 trillion, up from $92 billion in the first half of 2020. This was the first time that Ether’s trading pace surpassed Bitcoin’s for a sustained period.

Recently, Coinbase Chief Financial Officer Alesia Haas explained the reasons why Ethereum’s trading volume growth outpaced Bitcoin. She believed that the growth of Ethereum trading volume can be explained by 3 reasons.

  • The growth of the non-tradable token (NFT) industry on Ethereum
  • The increased volume of locked ETH in the Ethereum 2.0 deposit contract
  • The gradual transition of the network from a proof-of-work (PoW) algorithm to a proof-of-stake (PoS) consensus algorithm.

Alesia Haas also answered some questions about whether Coinbase would see more institutional money or cash inflows from retail investors, and she emphasized that Coinbase will likely see more institutional inflows. She stated that Coinbase is presently building deep roots that is why institutional firms can invest and better store their cryptocurrencies. She implied Coinbase is currently engaging in mutual relations with institutional companies, including Elon Musk’s Tesla and SpaceX. Coinbase offered custody services for the institutions and after the companies received the crypto custody services, they can invest in crypto. She also underlined the importance of security and noted that Coinbase has never been hacked and so, its investors have never lost any of their cryptocurrencies.   

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