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

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

With Ether’s 24-hour trade volume topping BTC’s by a significant margin, with Ether’s 24-hour trade volume topping BTC’s by a significant margin.

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

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, while speaking to Cointelegraph, CoinGecko’s.

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 had 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.

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.”

 

 

7 Comments

Leave a Reply

Your email address will not be published.