Ether sails past BTC’s daily volume as Grayscale ETH Trust trades at 11% premium
In yet another sign of the growing embrace of cryptocurrencies, U.S.-based asset manager Grayscale Investments announced that it sold $15.4 million worth of shares of the Ethereum Classic Investment Trust through its broker-dealer subsidiary, Digital Asset Services, LLC. That figure represents the largest weekly inflow for the trust since its inception in April 2016, and it brings the total amount raised since inception to $41.6 million. As of June 12, the trust’s shares have been trading at a price of $13.28 per share, representing a premium of 11.9 percent above the net asset value of $11.34 per share.
As the most popular virtual currency, Bitcoin is frequently compared to lesser-known coins to gauge its dominance in the cryptocurrency market. As of today, there are more than 1,300 different cryptocurrencies in existence (and growing), but none compare to Bitcoin when it comes to daily trade volume. However, Ethereum is closing in on the leader by leaps and bounds. Over the past 24 hours, Ether has jumped past Bitcoin’s daily volume and is now in the lead, as it trades for $391.95.
The total crypto market cap climbed to $64.7B yesterday. Since then, a couple of major cryptocurrencies have posted solid gains. Ether (ETH) traded close to $345 and rose 10.7% over the last 24 hours. This is the biggest percentage gain in the top-15. Moreover, it is worth noting that the ETH traded $345.35, which is a new all-time high in the past 30 days. Bitcoin (BTC) was relatively stable, hovering around $5870 (about 1.1% gain).
Following bitcoin’s failures this week, Ethereum has seen a resurgence in interest, with Ether’s 24-hour trading volume far exceeding that of BTC. However, doubling the volume of bitcoin is still a long way off, as some ETH proponents claim. The 25th. In May, a screenshot of CoinGecko’s data circulated on cryptocurrency Twitter, showing that Ether’s daily volume was more than $115 billion, while Bitcoin’s was nearly $53 billion. Speaking to Cointelegraph, CoinGecko co-founder and COO Bobby Ong revealed that the data in the screenshot was inaccurate due to an API error or trade wash, which resulted in the inflated ETH volume reported by the EXX exchange. Ong stated that Coingecko has since disabled the flow of data to EXX. The platform shows that Ether’s trading volume has surpassed that of BTC by 20 percent over the past 24 hours: about $60 billion versus Bitcoin’s $50.2 billion. While CoinGecko’s Bitcoin page has received about 75% more traffic than its Ethereum page over the past seven days, that difference has narrowed considerably over the past 24 hours. Notes from the NGO : In the past 24 hours, our Bitcoin page has received about 60% more traffic than the Ethereum page. In terms of searches, bitcoin received only 7% more searches than Ethereum. The rise in trading activity and interest also coincided with the Ethereum Trust (ETHE), managed by institutional fund Grayscale, reaching an 11% premium to Ether’s spot prices, while the Bitcoin Trust has been trading at a discount since March. The data suggests that some institutions have turned their attention to Ethereum rather than Bitcoin. This is what I’m talking about: ETH on spot and institutional trading (grey scale) by volume is greater than $BTC. Macro market structure $ETH is more bullish than BTC Look at the comments from Goldman and other institutional investors and you can see where the money is going https://t.co/v7vZoWNkSk. – Pentoshi won’t DM you (@Pentosh1) May 25, 2021 Ethereum volumes have outpaced Bitcoin, just days after segments of a leaked Goldman Sachs report revealed that the global investment bank believes Ether has a strong chance of overtaking Bitcoin as the dominant store of value. The report highlights the growth of emerging ecosystems of decentralized finance and non-functional tokens based on Ethereum, as well as the dominance of ETH over Bitcoin in terms of total transaction volume. Ether beats bitcoin as a store of value. The Ethereum ecosystem allows developers to create new applications. Most DeFi applications are built on Ethereum. The higher number of transactions in Ether than Bitcoin reflects this dominance – Goldman Sachs Global Macro Research pic.twitter.com/vNkQ1HlDYM – SantΞago R Santos (@santiagoroel) May 22, 2021.Ether (ETH) trading has recently done something that BTC hasn’t been able to do for quite some time: it has exceeded the daily trading volume of Bitcoin (BTC). Ether trading has surpassed BTC’s by a wide margin, with ETH trading averaging $250 million per day, compared to BTC’s $225 million per day, according to CoinMarketCap.com. Ether is also trading at a premium of about 11% over its price on BTC exchanges.. Read more about grayscale ethereum staking and let us know what you think.