Ether sails past BTC’s daily volume as Grayscale ETH Trust trades at 11% premium

Published at: May 26, 2021

Ethereum is seeing renewed interest in the aftermath of Bitcoin's travails this week, with Ether’s 24-hour trade volume topping BTC’s by a significant margin.

However it's still a long way from doubling Bitcoin's volume as some ETH proponents suggested. On May 25, a screenshot of CoinGecko data circulated across Crypto Twitter showing the daily volume of Ether had surpassed $115 billion while Bitcoin’s sat at nearly $53 billion.

Speaking to Cointelegraph, CoinGecko’s co-founder and COO, Bobby Ong, revealed the data depicted in the screenshot was not accurate due to either an API error, or wash-trading, resulting in inflated ETH volumes reported by the EXX exchange.

Ong stated that Coingecko has since disabled its data feed from EXX. The platform now shows Ether has driven 20% more volume than BTC over the past 24 hours with roughly $60 billion trade compared to Bitcoin’s $50.2 billion.

While CoinGecko's Bitcoin page has seen about 75% more traffic than its Ethereum page over the past seven days, the gap has narrowed significantly in the past 24 hours. Ong noted:

“In the past 24 hours, our Bitcoin page received about 60% more traffic compared to Ethereum. When it comes to search queries, Bitcoin received only about 7% more queries compared to Ethereum.”

The surging trade activity and interest has also coincided with institutional fund manager Grayscale’s Ethereum Trust (ETHE) seeing its premium over spot Ether prices bounce up to 11%. while the firm’s Bitcoin Trust has traded at a discount since March. The data suggests that some institutions have turned their focus to Ethereum rather than Bitcoin.

This is what I mean, $ETH both on spot exchanges and institutional (grayscale) is flippening $BTC in volume macro Market structure on $ETH is more bullish than BTC tooLook at Goldman's comments as well as other institutional investors, you can see where the money is flowing https://t.co/v7vZoWNkSk

— Pentoshi wont DM you (@Pentosh1) May 25, 2021

Ethereum’s volume surged to overtake Bitcoin just days after segments of a leaked report from Goldman Sachs revealed the global investment bank believes Ether has a “high chance of overtaking Bitcoin as a dominant store of value.”

The report noted the growth of the burgeoning decentralized finance and nonfungible token ecosystems being built on Ethereum, as well as ETH’s dominance over Bitcoin by total transaction volume.

“Ether beats bitcoin as a store of value. The Ethereum ecosystem...provides developers a way to create new apps. Most of DeFi apps are being built on Ethereum. The greater number of transactions in ether vs bitcoin reflects this dominance” - Goldman Sachs Global Macro Research pic.twitter.com/vNkQ1HlDYM

— SantΞago R Santos (@santiagoroel) May 22, 2021
Tags
Bitcoin
Ethereum
Coingecko
Related Posts
Four of the top 70 crypto assets by market cap are Bitcoin
Tokenized Bitcoin is booming, with the increasing demand from DeFi combined with BTC’s recent meteoric price rise has resulted in three Bitcoin tokenization protocols ranking among the 70 largest crypto markets. According to popular market data aggregators CoinGecko and CoinMarketCap, Wrapped Bitcoin (WBTC) currently ranks as the 13th-largest market boasting a capitalization of $4.04 billion, with roughly 0.6% of Bitcoin’s supply currently locked in the protocol. Huobi BTC (HBTC) ranks 56th with a market cap of $660 million, followed by the 63rd-ranked renBTC (RENBTC) with a capitalization of $510 million. However, the emergence of Bitcoin (BTC) tokenization protocols as top-ranked …
Bitcoin / Jan. 19, 2021
CoinGecko reveals the US state most interested in Bitcoin and Ethereum
The Golden State of California may be America's most inquisitive state about Bitcoin (BTC) and Ethereum (ETH), new data from CoinGecko has revealed. In a report shared by CoinGecko, internet users from California accounted for a whopping 43% of all Bitcoin and Ethereum web traffic searches on the crypto tracking website. This is despite the entire state population only accounting for 11.9% of the U.S. population. Bobby Ong, COO and co-founder of CoinGecko said it was “unsurprising” that California took the crown in the blue-chip cryptocurrency interest, given its place as a “major technological hub.” California is also home to …
Adoption / Sept. 1, 2022
Crypto Markets in The Green, XRP Sees Major Boost Briefly Overtaking ETH by Market Cap
Tuesday, Nov. 6: top cryptocurrencies have seen strong gains on the day, with Ripple (XRP) temporarily overtaking Ethereum (ETH) as the top altcoin by market capitalization. Market visualization from Coin360 Bitcoin (BTC) is up 0.3 percent over the last 24 hours, and is trading at around $6,447 as of press time. Having briefly dipped below $6,400 during the day, BTC has rebounded and is pushing a slightly higher price point. BTC is still down 1.67 percent over the past 30 days. Bitcoin 7-day price chart. Source: CoinMarketCap ETH has seen some growth over the 24-hour period, up 3.64 percent from …
Bitcoin / Nov. 6, 2018
Crypto Markets Make Slight Rebound After Bitcoin Touched Monthly Lows
Tuesday, May 29: crypto markets are steadily rebounding with all top ten coins listed on Coinmarketcap in the green. Market visualization from Coin360 After hitting monthly lows yesterday, Bitcoin (BTC) is slightly up 3.94 percent over the past 24 hours, trading at $7,513 at press time. Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index Ethereum (ETH) has seen a more significant growth of almost 9 percent over a 24 hours period, trading at $571. Still, the major altcoin saw a major decline over the course of the past week, down 12 percent. Ethereum price chart. Source: Cointelegraph Ethereum Price Index …
Bitcoin / May 29, 2018
New York legislator introduces crypto payments bill for fines, taxes
A bill introduced to the New York State Assembly on Jan. 26 would allow state agencies to accept cryptocurrency as a form of payment for fines, civil penalties, taxes, fees, and other payments charged by the state. JUST IN: A New York Senate has introduced a bill to allow #Crypto as a form of payment — Interpret Crypto (@interpretcrypto) January 27, 2023 New York State Assembly Bill A523 was introduced by Democratic Assemblymember Clyde Vanel, who is often seen as a crypto-friendly politician. It allows state agencies to enter into “agreements with persons to provide the acceptance, by offices of …
Bitcoin / Jan. 27, 2023