Even though Bitcoin’s trading volume is still higher than Ether’s, the year-on-year growth for the latter is breaking all records.
Ether, the world’s second-largest cryptocurrency, has hammered Bitcoin in terms of trading volume growth. The new report elaborates on the growth of Ethereum trading in the first six months of the year.
According to a review report shared by Coinbase Institutional H1 2021, the first six months have been very agile for the crypto market, with quite a few peaks in prices because of a conformation to the crypto trading markets by the public. The report covered twenty exchanges around the world, disclosing that the Ether increase in trading volume skyrocketed to 1,461% in a year. In 2020, Ether’s trading volume was approximately around $92 Bn which has increased to $1.4 Tr in the first half of this year.
On the other hand, Bitcoin saw a majestic growth of 489% in comparison to the previous year. The trading volume for BTC Network increased from $356Bn to $2.1 Tr in one year. Even though Bitcoin’s trading volume is still higher than Ether’s, the year-on-year growth for the latter is breaking all records. This is the first time that any cryptocurrency has defeated Bitcoin in trading volumes.
The exhaustive research also divulged the total crypto market capitalization numbers. The market started at $769Bn and hit a maximum at $2.4 Mn in May with a gradual decline to $1.4 Tr by the end of these six months. The total registered gain was approximately 86% year to date.
A majority of Bitcoin’s profits rolled in around the end of 2020 and the beginning of 2021. Due to a major market in China being wiped off following the ban on crypto-operation in the country, the price of the coin declined around May this year. At present, Bitcoin is priced at 38.8% from its April 13 peak of $65.899. On the contrary, Ethereum witnessed a steep increase in its profits around May this year, with a 100% price increase to $4,357 on May 12. Since then, it has however seen a steep decline of 47.4% with the current prices.
Coinbase report suggests that the majestic growth of the crypto-asset owes its success to the escalated awareness of Decentralised Finance and a sense of appreciation for proof-of-stake networks.
Recently in an interview, Cardano founder Charles Hoskinson had claimed that in terms of technology, Ethereum will beat Bitcoin nine times out of ten. In a conversation with AI scientist Lex Fridman, Hoskinson was reported saying that due to BTC’s slow rate of exchange, the Proof-of-Work system will be expropriated by the more convenient Proof-of-Stake networks.