The second-largest cryptocurrency in the world, Ethereum, has already gained ground over Bitcoin with respect to the growth of trading volume. This acceleration took place in the first half of the year as stated by a report. The trading volume of Ether grew much faster than that of Bitcoin in the very first half of 2021- as stated by Coinbase, one of the largest crypto exchanges in the world.
Ethereum Has Left Bitcoin Behind
The report from Coinbase Institutional referred to as the ‘H1 2021 in Review’, was released last Monday as it acknowledged that the first six months of the year have been one of the most active periods in the history of cryptocurrency. The time period has also brought forth several new all-time highs in user adoption, prices, and trading activity.
When the exchange took data from over 20 different exchanges throughout the globe, it was reported that Bitcoin’s trading volume had reached a sum of $2.1 trillion which is an increase of 489%. On the other hand, Ethereum’s trading volume went from $92 billion to $1.4 trillion- an increase of 1,461%. According to Coinbase, this was the first time that the trading pace of Ether was more than that of Bitcoin.
The research also ended up measuring the total crypto market capitalization, which started at $769 billion and peaked at a sum of $2.4 trillion in May. Currently, it stands at an impressive $1.4 trillion- which is a net gain of 86% to date. It must be noted that the major bulk of the gains of BTC came during the last quarter of the previous year, and the first quarter of this year.
On the other hand, Ethereum saw its majority gains in the second quarter of 2021 when it doubled its price to reach a sum of $4,357 on the 12th of May. However, it did go down by 47.4% to current levels.
Ethereum, the second most valuable crypto asset, had an appreciation of 895% over the last year, and 210% over the last six months which ended on the 30th of June.