The world’s second largest cryptocurrency by market value, Ethereum (ETH), on its weekly trading volume on the popular exchange Coinbase has reached its highest notional value in over 17-months now according to reports.
A combined total of 3,675,570 units of ETH changed hands from May 13 to May 19,in coinbase most popular two ETH markets- Ethereum and Bitcoin and ETH/USD, which at current market prices ($246) has a notional value of over $904.1 million –reports from TradingView data, stated that its the highest total in a week since Dec. 11, 2017.
If the Coinbase’s remaining trading volume and more recently-added ETH markets (ETH/GBP, ETH/EUR, and ETH/USDC) are all added to the mix, a total of 4.271 million ETH is moved in that 7-day stretch, the activity will worth over $1.05 billion at current market prices.
ETH/BTC + ETH/USD Weekly Volume (Coinbase)
Looking at the forceful return of trading volume during a week in which Ethereum prices rose to 37 percent (USD value) indicates that the rally may be sustainable and it also entails that retail investors after loosing interest for a while as a result of fall in market value of the currency have re-entered the cryptocurrency markets.
Coinbase’s $8 billion valuation and its status as the largest US-based crypto exchange has made the brand recognition the most sort after and the strongest in the cryptocurrency exchange sector and this makes it a primary destination for investors and merchants who want quick and safe exposure to the market.
From late 2016 and minus this past week, the combined weekly trade volume of Coinbase’s ETH/USD and ETH/BTC markets has exceeded 3.13 million with Ethereum only 4 times and in after the six weeks Ethereum’s USD price went on to increase at 87.1, 91.3, 54.6, and 67.1 percent respectively.
Aside Ethereum notable growth last week, Bitcoin (BTC), the sole cryptocurrency larger than ETH by market cap also increased to 17 percent in price and skyrocketed in a 42-week high of $8,388 market value.
According to CoinMarketCap, the value of the massive cryptocurrency market in all, now records $242.4 billion, going to 91% from the beginning of the year.
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