Ethereum is seeing renewed interest following the travel of bitcoin this week, with Ether’s 24-hour trading volume above a significant BTC mark.
However, it still goes a long way from doubling the amount of bitcoin as suggested by some ETH supporters. On 25 May, A. Screenshot CoinGecko data circulated on crypto Twitter shows that the daily volume of ether exceeded $ 115 billion, while bitcoin sat at around $ 53 billion.
Speaking to Cointegraph, Coingeco co-founder and COO, Bobby Ong, revealed that the data depicted in the screenshot were not accurate due to API error, or wash-trading, resulting in an increase in ETH volume reported by eXex Exchange Hui.
Ong said that Coingecko has since disabled its data feed from EXX. The platform now shows that Ether has traded 20% higher than BTC in the last 24 hours, trading about $ 60 billion compared to Bitcoin’s $ 50.2 billion.
While CoinGecko’s bitcoin page has seen almost 75% more traffic than its Ethereum page in the last seven days, the gap was significantly reduced in the last 24 hours. Ong noted:
“In the last 24 hours, our bitcoin page has received about 60% more traffic than Ethereum. When it comes to search queries, bitcoin received only 7% more queries than Ethereum.”
Increasing business activity and interest also coincide with institutional fund manager Grayscale’s Ethereum Trust (ETHE), whose premium spot ether prices are up by 11%. While the firm’s bitcoin trust has been trading at a discount since March. The data suggests that some institutions have focused their attention on Ethereum instead of bitcoin.
Macro market structure on $ Etch Ish faster than btc
Look at Goldman’s comments as well as other institutional investors, you can see where the money is flowing. https://t.co/v7vZoWNkSk
– Pantoshi will not DM you (@ pantosh1) May 25, 2021
Ethereum’s volume overtook bitcoin just days after a leaked report by Goldman Sachs showed that the global investment bank believed Ether had “to beat bitcoin as a key store of value” High probability. “
“Ether defeats bitcoin as a repository of value. The Ethereum ecosystem … provides developers with a way to create new apps. Most Defy apps are being built on Ethereum. The greater number of transactions in Ether vs. Bitcoin Demonstrates Domination “- Goldman Sachs Global Macro Research pic.twitter.com/vNkQ1HlDYM
– Santago R. Santos (@santiagoroel) May 22, 2021