For the first time in such a long time, Ether’s trading volume surpassed Btc, whereby Ether traded a total of $60 billion while BTC traded $50 billion. This is an indication that Ether is drawing a lot of traction despite BTC going down.
Even though its performance is impressive, It has a long time before beating BTC’s record. According to CoinGecko, it’s trading volume on May 25th was more than $115 billion while BTC’s volume was at $53 billion. Bobby Ong, CoinGecko’s co-founder, and COO clarified to Cointelegraph that the data might have an error due to the API error or wash trading that has led to inaccurate ETH volumes by the EXX exchange. Because of that reason, Coingecko has stopped relying on EXX for its data. Ong confirms that the inaccurate data shows either has 20% more volume than BTC within 24 hours. The Ether has a $60 billion trade BTC with $50.2 billion.
The past seven days have been dramatic on the Coingecko bitcoin page as it received 75% more traffic than ethereum. This has, however, reduced in the last one day. On the last day, bitcoin received 60% more traffic than ethereum.
Grayscale’s Ethereum Trust (ETHE), an institutional fund manager, may be responsible for surging trade activity, making Ether increase by 11%. This may indicate that some institutional investors are considering investing in ethereum rather than Bitcoin. What might have also pushed Esther’s price up is Goldman Sachs’s report that Ether may be better storage of value than Bitcoin.
Ether has a better chance because the NFT community and decentralized finance are growing, and they are all built on Ethereum. The total transaction volume of Ether is higher comparatively, meaning it stands a better chance.
As anticipated, the crypto scene is a Rolla coaster. Although it may look like a winning season for Ethereum, that may not be permanent. Just a small trigger may cause an opposite effect. As for traders, it’s just to enjoy the band while it lasts.