Ethereum Trading Volume On Coinbase Outpaces Bitcoin For First Time In Q2 – Converted Organics (COIN), Tesla Motors (TSLA)

[ad_1]

What Happened: For the first time in the nine years since the launch of Coinbase Global Inc (NASDAQ: COIN), Ethereum’s (CRYPTO: ETH) trading volume has exceeded that of Bitcoin (CRYPTO: BTC) on the crypto trading platform.

In its second quarter earnings report, Coinbase said Ethereum accounted for 26% of its trading volume, overtaking Bitcoin, which accounted for 24% of the $ 462 billion in trading volumes reported in the second quarter.

According to the exchange, Bitcoin volumes have declined 39% since the first quarter, while Ethereum volume has increased 23% during the same period.

Interesting data point from @Coinbase Q2 results – ETH trading is now more important than BTC trading. pic.twitter.com/a01JN2kHmx

– Boris Wertz (@bwertz) August 10, 2021

Coinbase attributed the growth in Ethereum’s trading activity to the growth of the DeFi and NFT ecosystems, as well as increased demand for its ETH2 staking product.

Meanwhile, the exchange reported an overall 38% increase in trading volume between the first and second quarters.

Notably, the volume of institutional transactions increased by 47% over the period and stood at $ 317 billion, bringing the number to nearly 70% of the overall volume.

“During the quarter, institutional integration with the Coinbase platform grew rapidly along with higher capital allocations in crypto,” the exchange said.

What else: Coinbase also topped analysts’ estimates, reporting $ 2.23 billion in revenue for the second quarter of 2021.

The crypto exchange’s net income for the second quarter was $ 1.6 billion, up 4,900% from the $ 32 million reported in the second quarter of 2020.

“The second quarter was a good quarter for Coinbase with growth and diversification on our platform,” the exchange said.

Despite the volatility in the market, Coinbase claimed that adoption continued at a rapid pace throughout the quarter, as evidenced by the 9,000 financial institutions that now use the platform to trade cryptocurrencies.

“In addition, in recent months, we have partnered with industry leaders including Elon Musk, PNC Bank, SpaceX, Tesla Inc (NASDAQ: TSLA), Third Point LLC and WisdomTree Investments,” Coinbase said.

Price Action: Coinbase shares gained 3.93% during the pre-market session, reaching a price of $ 269.

Ethereum was trading at $ 3,220, with a price increase of 1.28%, while Bitcoin was up 0.45% and was trading at $ 46,059 at the time of publication.

Read more: Coinbase capital markets chief resigns after crypto exchange shifts focus

[ad_2]