ETH’s trading volume supersedes BTC’s in the first half of 2021
Ethereum, the world’s second-largest cryptocurrency, has exceeded the trading volume of Bitcoin, according to trends in the first half of 2021. The news is reported by US Crypto Exchange’s foremost medium, Coinbase.
The half-yearly report titled Coinbase Institutional H1 2021 Review was released on July 26, revealing that the first six months of 2021 has proven to be the most active period in the crypto exchange market, marking record-breaking highs in cryptocurrency adoption, crypto trading and crypto coins valuation. The Review takes into account data from twenty global crypto exchanges, acknowledging that Bitcoin’s trading volume hit $2.1 trillion for the first six months of 2021, which is up by 489% in comparison to $356 billion in the first six months of 2020. Although Ethereum’s total trading volume was $1.4 trillion within the same period of 2021, it picked up tremendous speed in terms of growth – registering an upward trend of 1,461% in comparison to $92 billion in the first half of 2020.
Bitcoin, the largest cryptocurrency in the world, recorded its maximum gains during Quarter 4 of 2020 and Quarter 1 of 2021, while its assets declined starting Quarter 2 of 2021. Bitcoin, it reported, is presently trading at 38.8%, which is down from its all-time high in April at $65,899.
Coinbase Review also measured the total market capitalization of the crypto market, stating that at the beginning of 2021, it was at $769 billion, peaking in May at $2.4 trillion, with $1.4 trillion in June end. The net gain in the first half of 2021 was marked at 86%.
Ethereum recorded the maximum gains in Quarter 2 of 2021, doubling in price to mark its all-time high on May 12, at $4,357. Ethereum appreciated 895% in the year 2020 and 210% over the first six months of 2021. According to Coinbase, the reason was a list of factors, including investor optimism attributed to proof-of-stake transition, increasing usage of Defi, and the surge in layer-two scaling solutions for its network.
It would sound surprising to many, but Cointelegraph had projected Ethereum’s popularity among investors, pointing that it would become the main crypto asset for potential investors in the year 2021.