Ethereum is experiencing renewed interest after the difficulties that the price of Bitcoin presented this week Ether’s 24-hour transaction volume significantly exceeded BTC.
However, it is still a long way from doubling the volume of Bitcoin, as some proponents of ETH suggest. On 25 May a Screenshot of CoinGecko data disseminated via Crypto Twitter shows that the daily volume of Ether exceeded $ 115 billion, while Bitcoin’s was close to $ 53 billion.
Speaking to Cointelegraph, CoinGecko co-founder and COO Bobby Ong revealed this The data shown in the screenshot was inaccurate due to an API error or the laundry trade, which resulted in an ETH volume inflated by the EXX exchange.
Ong explained that Coingecko has since deactivated the EXX data feed. The platform now shows that Ether has outperformed BTC by 20% in the past 24 hours, with a trading volume of around $ 60 billion compared to $ 50.2 billion in Bitcoin.
While CoinGecko’s Bitcoin side had 75% more traffic than the Ethereum side in the past seven days, The difference has decreased significantly in the past 24 hours. Ong noted that:
“In the last 24 hours, our Bitcoin site has received 60% more hits than Ethereum. In terms of search queries, Bitcoin has only received 7% more inquiries compared to Ethereum.”
The increased trading activity and interest also coincided with Grayscale’s Ethereum Trust (ETHE) institutional fund manager., whose premium reached 11% over Ether’s spot prices, while the company’s Bitcoin Trust has been trading at a discount since March. The data suggests that some institutions have focused on Ethereum rather than Bitcoin.
That’s what I mean, $ ETH Freak both locally and institutionally (grayscale) $ BTC in volume
Macro of market structure $ ETH is also more bullish than BTC
If you look at comments from Goldman, as well as other institutional investors, you can see where the money is going. Https://t.co/v7vZoWNkSk
– Pentoshi won’t DM you (@ Pentosh1) May 25, 2021
I mean, ETH both locally and institutionally (grayscale) exceeds the volume of BTC
The macro-market structure at ETH is also more bullish than at BTC
If you look at comments from Goldman and other institutional investors, you can see where the money is going.
Ethereum volume surged to surpass Bitcoin just days after segments of a leaked report from Goldman Sachs reveal that the global investment bank believes that ether has a “high probability of outperforming Bitcoin as the dominant store of value”.
The report noted the growth of Burgeoning ecosystems of decentralized financing and non-fungible tokens that are built on Ethereum, as well as the dominance of ETH over Bitcoin in terms of total transaction volume.
“Ether beats Bitcoin as a store of value. The Ethereum ecosystem … gives developers the ability to create new apps. Most DeFi apps are based on Ethereum. The greater number of transactions between Ether and Bitcoin reflects this dominance ”- Goldman Sachs Global Macro Research pic.twitter.com/vNkQ1HlDYM
– SantΞago R Santos (@santiagoroel) May 22, 2021
“Ether surpasses Bitcoin as a store of value. The Ethereum ecosystem … gives developers the ability to create new applications. Most DeFi applications are based on Ethereum. The largest number of transactions between Ether and Bitcoin reflects this dominance” – Goldman Sachs Global macro research