Ethereum Weekly Trading Volume Hits 17-Month High of $900 Million on Coinbase
The second largest cryptocurrency by market capitalization, Ethereum has reached a major milestone this year. Reaching a 17-month high of $900 million on Coinbase in the week that just ended, Ethereum may be looking at a higher level to go from here.
The last time Ethereum reached such a high was in December 2017 during the bull market and has not recorded such trading in a week since then. The ETH/BTC and ETH/USD polled a combined total of 3,675,570 of traded Ethereum that added up to over $900 million in value.
Ethereum has been on a surge just like Bitcoin and has so far risen to a high of up to $270 before the stagnation in the market which is still being felt right now. While there is high expectation of a bull market to come especially for Bitcoin, the new highs in trading volume reached by Ethereum could be an indication that it could be closer than expected.
As reported by CoinDesk, Ethereum’s combined trade volume of ETH/USD and ETH/BTC on Coinbase has only been just above 3 million ETH just 4 times between 2016 and now. Although the increased volume has something to do with Coinbase’s quality of service and its priority for security, the sudden surge in Ethereum trading volume is a clear indication that the asset is heading somewhere.
As the bull run is being awaited, analysts say a slight dip will be experienced before a final bounce to new highs for Bitcoin and very likely Ethereum. The week will be a key determining moment for the market especially because the SEC is to declare its position on the VanEck ETF application.