Coinbase Records Highest Weekly Ethereum Trading Volume Since 2017

May 20, 2019
77 Views

Weekly trading volume for the world’s second largest cryptocurrency by market value, Ethereum (ETH), reached its highest notional value in over 17-months on the popular exchange Coinbase.

In Coinbase’s two most popular ETH markets, ETH/BTC and ETH/USD, a combined total of 3,675,570 units of ETH changed hands from May 13 to May 19, which at current market prices ($246) has a notional value of over $904.1 million – its highest total in a week since Dec. 11, 2017 according to data from TradingView.

If the trading volume of Coinbase’s remaining and more recently-added ETH markets (ETH/GBP, ETH/EUR, and ETH/USDC) are added to the mix, a total of 4.271 million ETH moved in that 7-day stretch, activity that was worth over $1.05 billion at current market prices.

ETH/BTC + ETH/USD Weekly Volume (Coinbase)

The forceful return of trading volume during a week in which ETH prices rose 37 percent (USD value) indicates the rally may be sustainable and that retail investors have re-entered the cryptocurrency markets after months of waning interest as a result of falling prices.

Coinbase’s brand recognition is among the strongest in the cryptocurrency exchange sector as its $8 billion valuation and status as the largest US-based crypto exchange make it a primary destination for investors and traders alike who want quick and safe exposure to the market.

Interestingly, weekly volume increases of this magnitude on Coinbase have preceded more significant advances in ETH’s price history.

Since late 2016 and not including this past week, the combined weekly trade volume of Coinbase’s ETH/USD and ETH/BTC markets has exceeded 3.13 million ETH only 4 times and in the six weeks after ETH’s USD price went on to increase 87.1, 91.3, 54.6, and 67.1 percent respectively.

That said, ETH wasn’t the only cryptocurrency to flash notable growth last week. Bitcoin (BTC), the sole cryptocurrency larger than ETH by market cap, increased 17 percent in price and climbed to a 42-week high of $8,388.

In all, the value of the broader cryptocurrency market now records $242.4 billion, up 91 percent rom the beginning of the year, according to CoinMarketCap.

Disclosure: The author holds several cryptocurrencies. Please see his author bio for more information. 

Ethereum image via Shutterstock; Charts via TradingView

https://www.coindesk.com/coinbase-records-highest-weekly-ethereum-trading-volume-since-2017

You may be interested

World’s Biggest Bitcoin Cash Conference Kicks Off in Australia – What to Expect
Bitcoin
4 views
Bitcoin
4 views

World’s Biggest Bitcoin Cash Conference Kicks Off in Australia – What to Expect

btcethereumadmin - September 4, 2019

Arguably set to become the world’s biggest Bitcoin Cash conference yet, Bitcoin Cash City kicked off today in sunny Townsville,…

New Storm Concept Could Strengthen Bitcoin Cash Instant Transactions
Crypto News
7 views
Crypto News
7 views

New Storm Concept Could Strengthen Bitcoin Cash Instant Transactions

btcethereumadmin - September 4, 2019

Software developer Awemany has published a potential alternative approach to instant transactions on the Bitcoin Cash (BCH) network called “delta…

Why Portugal’s Tax-Free Crypto Trading Matters for Bitcoin
Bitcoin
4 views
Bitcoin
4 views

Why Portugal’s Tax-Free Crypto Trading Matters for Bitcoin

btcethereumadmin - September 4, 2019

Cryptocurrency enthusiasts and businesses in the industry have had to put up with regulatory uncertainty for quite some time. The…

Leave a Comment

Your email address will not be published.