ETH trading volume exceeds BTC’s in H1 2021

28 Jul 2021

Ethereum’s trading volume growth in the first six months of the year was faster than Bitcoin’s, according to a new report published this week.

The Coinbase Institutional H1 2021 in Review report shows Ethereum – the world’s second largest cryptocurrency – gained ground on Bitcoin in regard to trading volume growth in H1, during one of the most active periods ever for crypto.

New record highs in prices, trading activity and user adoption were also registered in the report.

Data from 20 crypto exchanges around the world was referenced in the report, which showed Bitcoin’s trading volume hit $2.1 trillion between January and June, a 489% rise from $356 billion over H1 2020, reports Cointelegraph.

In addition, Ethereum’s total trading volume reached $1.4 trillion over the first half of the year, yet its growth was far quicker, rising 1,461% from $92 billion in the first half of last year.

According to Coinbase, this is the first prolonged period of time that Ethereum’s trading growth pace has surpassed Bitcoin's.

The findings also took into account total crypto market capitalisation, which started the year at $769 billion, hit $2.4 trillion in May and ended H1 at $1.4 trillion, indicating an 86% net gain year-to-date.

The majority of Bitcoin’s gains were reported in Q4 last year and Q1 2021, before the price dropped in Q2. Currently, the world’s largest cryptocurrency is trading down 38.8% from its mid-April record high of $65,899.

Meanwhile, most of Ethereum’s gains were registered in Q2 2021, when the price doubled to a record high in mid-May of $4,357. Nevertheless, it has since fallen 47.4%.

At the beginning of the year, Cointelegraph forecast Ethereum would become the principal asset for investors in 2021. Over the last week, both Bitcoin and Ethereum have rallied, gaining 32.4% and 27.7% respectively, says CoinGecko data.