Ethereum has renewed interest in the aftermath of the Bitcoin disaster this week, with Ethereum’s 24-hour transaction volume greatly surpassing BTC.
However, as some ETH proponents have suggested, there is still a long way to go before doubling the number of bitcoins. May 25th, Screenshot The data circulated by CoinGecko on the cryptocurrency Twitter shows that the daily trading volume of Ethereum has exceeded US$115 billion, while the daily trading volume of Bitcoin is close to US$53 billion.
Bobby Ong, the co-founder and COO of CoinGecko, revealed in an interview with Cointelegraph that due to API errors or flushing transactions, the data described in the screenshots is inaccurate, causing the ETH transaction volume reported by the EXX exchange to expand.
Ong said that Coingecko has since disabled data feeds from EXX. The platform now shows that in the past 24 hours, the transaction volume of Ether has increased by 20% over BTC, with a transaction volume of approximately US$60 billion, while the transaction volume of Bitcoin is US$50.2 billion.
In the past 7 days, CoinGecko’s Bitcoin page has about 75% more traffic than its Ethereum page, but the gap has narrowed significantly in the past 24 hours. Ong pointed out:
“In the past 24 hours, our Bitcoin page received 60% more traffic than Ethereum. In terms of search queries, Bitcoin only received about 7% of queries compared to Ethereum.”
The surge in trading activity and interest also coincided with institutional fund manager Grayscale’s Ethereum Trust (ETHE) seeing its premium over the spot price of Ether rebounded to 11%. The company’s Bitcoin Trust has been trading at a discount since March. The data shows that some institutions have shifted their focus to Ethereum instead of Bitcoin.
Macro market structure $ ETH More bullish than BTC
Check out the comments of Goldman Sachs and other institutional investors, you can see where the money is going https://t.co/v7vZoWNkSk
— Pentoshi will not DM you (@ Pentosh1) May 25, 2021
Just after part of a leaked report by Goldman Sachs disclosed that Ethereum’s transaction volume surged, Ethereum’s transaction volume surged, surpassing Bitcoin. The global investment bank believes that Ethereum is “very likely to replace Bitcoin as the main storage channel for value.”
The report points to the growth of emerging decentralized finance and Irreplaceable token Ethereum and ETH ecosystem The advantage of total transaction volume over Bitcoin.
Ether defeats Bitcoin as a store of value. The Ethereum ecosystem…provides a way for developers to create new applications. Most DeFi applications are built on Ethereum.The increase in the number of Ether and Bitcoin transactions reflects this advantage”-Goldman Sachs Global Macro Research pic.twitter.com/vNkQ1HlDYM
-Santiago R. Santos (@santiagoroel) May 22, 2021