Invest
Bitcoin’s biggest rival just passed a milestone in trading volume
The gap between the first and second most popular cryptocurrencies just got a little smaller.
Bitcoin’s biggest rival just passed a milestone in trading volume
The gap between the first and second most popular cryptocurrencies just got a little smaller.
Ethereum just crossed another milestone on its journey towards catching up with bitcoin.
According to Coinbase, the half-yearly trading volume of the cryptocurrency ethereum has surpassed bitcoin for the first time.
The crypto spot-exchange said that trading volumes of $1.4 trillion over the first half of 2021 represented a 1,461 per cent increase on the same period in 2022.
While bitcoin still came out ahead overall with $2.1 billion in trading volume, it only saw an increase of 489 per cent.
According to eToro’s market analyst and crypto expert, Simon Peters, “this marks the first time ETH has beaten bitcoin for trading volume growth in a ‘sustained period of time’, according to Coinbase”.
He said that this growth “underpins expansion of ETH as a major competitor to bitcoin, particularly in regard to uses and the wider potential of the ethereum blockchain for countless technological projects that are also expanding”.
Back in July, Bloomberg Intelligence analyst Mike McGlone said that “ethereum is on a higher-beta bull-market path” and rapidly closing the gap between itself and bitcoin.
While it faces competition from other crypto asset and smart-contract platforms, Mr McGlone said that “the No. 2 crypto has won the adoption race as the go-to for digitalisation of money and finance”.
At the time of writing, the price of ETH sits at $2,533 while the price of BTC hovers around $38,718. However, the numbers suggest that the gap between the two cryptocurrencies is closing rather than widening.
Where the last 12 months have seen the price of bitcoin grow by approximately 234 per cent, ethereum has risen 535 per cent over the same period, according to Coinbase.
In addition, ethereum’s coming “hard fork” is anticipated to have a significant positive impact on its value.
Apollo Capital’s Henriks Andersson noted that the transition to the eco-friendly proof-of-stake consensus and a new “scarcity” feature that will reduce the number of tokens in circulation are receiving great feedback from the crypto community.
RELATED ARTICLES
About the author
About the author
Cryptocurrency
Cryptocurrency losses mount as hacks and scams continue to plague the industry
The cryptocurrency industry has lost over $400 million to hacks in 2024 so far, with the decentralized finance (DeFi) sector being the most vulnerable, according to research by experts at Smart ...Read more
Cryptocurrency
Institutional investors bolster cryptocurrency allocations amidst growing confidence
A recent study by London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund, has revealed a significant shift in the mindset of institutional investors and wealth ...Read more
Cryptocurrency
Institutional investors set sights on expanding crypto portfolios in the coming year
New research from London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund manager, indicates a significant positive shift in institutional investors' attitudes ...Read more
Cryptocurrency
BingX reports significant growth and innovation in 2023 amidst industry challenges
BingX, a prominent crypto exchange, has disclosed notable achievements in 2023, amidst a backdrop of global economic uncertainty and sector-specific turbulence. The company has managed to double its ...Read more
Cryptocurrency
Altcoin interest skyrockets as Bitcoin and Ethereum boost market optimism, study finds
Interest in altcoins and other digital assets is on the rise, propelled by growing confidence in the performance of Bitcoin and Ethereum, according to a new study conducted by Nickel Digital Asset ...Read more
Cryptocurrency
Global survey reveals bullish outlook on next Bitcoin halving among institutional investors
A new global survey conducted by Nickel Digital Asset Management, a premier digital assets hedge fund manager based in London, has highlighted a growing positivity among institutional investors and ...Read more
Cryptocurrency
Nickel Digital Asset Management reports strong 2023 performance, surpassing key financial indices
London's Nickel Digital Asset Management, a leading digital assets hedge fund, celebrated a stellar year with returns that significantly outpaced both hedge fund indices as well as traditional ...Read more
Cryptocurrency
Time to expand your crypto horizons: beyond Bitcoin for better returns
In an intriguing twist for cryptocurrency investors, it's suggested that the spotlight may be shifting from the long-time favourite, Bitcoin, to a broader spectrum of digital assets. Read more
Cryptocurrency
Cryptocurrency losses mount as hacks and scams continue to plague the industry
The cryptocurrency industry has lost over $400 million to hacks in 2024 so far, with the decentralized finance (DeFi) sector being the most vulnerable, according to research by experts at Smart ...Read more
Cryptocurrency
Institutional investors bolster cryptocurrency allocations amidst growing confidence
A recent study by London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund, has revealed a significant shift in the mindset of institutional investors and wealth ...Read more
Cryptocurrency
Institutional investors set sights on expanding crypto portfolios in the coming year
New research from London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund manager, indicates a significant positive shift in institutional investors' attitudes ...Read more
Cryptocurrency
BingX reports significant growth and innovation in 2023 amidst industry challenges
BingX, a prominent crypto exchange, has disclosed notable achievements in 2023, amidst a backdrop of global economic uncertainty and sector-specific turbulence. The company has managed to double its ...Read more
Cryptocurrency
Altcoin interest skyrockets as Bitcoin and Ethereum boost market optimism, study finds
Interest in altcoins and other digital assets is on the rise, propelled by growing confidence in the performance of Bitcoin and Ethereum, according to a new study conducted by Nickel Digital Asset ...Read more
Cryptocurrency
Global survey reveals bullish outlook on next Bitcoin halving among institutional investors
A new global survey conducted by Nickel Digital Asset Management, a premier digital assets hedge fund manager based in London, has highlighted a growing positivity among institutional investors and ...Read more
Cryptocurrency
Nickel Digital Asset Management reports strong 2023 performance, surpassing key financial indices
London's Nickel Digital Asset Management, a leading digital assets hedge fund, celebrated a stellar year with returns that significantly outpaced both hedge fund indices as well as traditional ...Read more
Cryptocurrency
Time to expand your crypto horizons: beyond Bitcoin for better returns
In an intriguing twist for cryptocurrency investors, it's suggested that the spotlight may be shifting from the long-time favourite, Bitcoin, to a broader spectrum of digital assets. Read more
