During the first half of 2021, the volume of ETH increased by more than 1,400% to a total of $ 1.4 trillion, while BTC increased by 489%, reaching a total of $ 2.1 trillion.
ETH beats BTC for the first time
Coinbase took data from 20 trading venues and released a report, stating that Ether’s trading volume increased 1.461% during the first six months of 2021. Its total jumped to $ 1.4. trillion compared to $ 92 billion in the first half of 2020. Meanwhile, Bitcoin has increased by 489% and its trading volume has reached $ 2.1 trillion.
The Coinbase report noted:
“Many of our largest institutional clients, including hedge funds, endowments and corporations, increased or added their first exposure to ETH in the first half, believing the asset has long-term staying power equivalent to that of BTC, while still performing a differentiated role in their portfolios. “
The research also revealed total market capitalization numbers for the first half of 2021. At the start of the year, the market started at $ 769 billion and climbed to $ 2.4 trillion in May. Thereafter, it fell to $ 1.4 trillion by the end of the period.
Most of Bitcoin’s profits came during early 2021 until April, when its price rose towards an ATH. In contrast, Ether saw most of its earnings in May 2021, when it was worth more than $ 4,000.
Can ETH Become the Largest Cryptocurrency?
The debate on whether Ether can overtake Bitcoin and become the leading digital asset has been a hot topic in recent years.
In early May, billionaire owner of the Dallas Mavericks – Mark Cuban – joined the argument and gave his three reasons why ETH will eventually overtake BTC: Ethereum’s network is capable of processing more transactions per second. , and it is the platform on which “the future of finance” is built. It also boasts greater usage than Bitcoin.
Major investor Mike Novogratz also gave his two cents on the matter. The famous crypto bull has suggested that such a scenario where Ether outperforms Bitcoin is possible as the network behind the second largest cryptocurrency is rapidly expanding. However, he outlined the characteristics of the two digital assets expecting BTC to be the digital version of gold while ETH will have different purposes:
“I think Ethereum might even become the largest cryptocurrency someday, but it will have a very different use case than BTC.”
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