Ether sails past BTC's daily volume as Grayscale ETH Trust trades at 11% premium
26 May 2021 #Ethereum
Roughly $60 billion worth of ETH changed hands over the past 24 hours while BTC saw $50 billion in trade. Ethereum is seeing renewed interest in the aftermath of Bitcoin's travails this week, with Ether’s 24-hour trade volume topping BTC’s by a significant margin.
However it's still a long way from doubling Bitcoin's volume as some ETH proponents suggested. On May 25, a screenshot of CoinGecko data circulated across Crypto Twitter showing the daily volume of Ether had surpassed $115 billion while Bitcoin’s sat at nearly $53 billion.
Speaking to Cointelegraph, CoinGecko’s co-founder and COO, Bobby Ong, revealed the data depicted in the screenshot was not accurate due to either an API error, or wash-trading, resulting in inflated ETH volumes reported by the EXX exchange.
Ong stated that Coingecko has since disabled its data feed from EXX. The platform now shows Ether has driven 20% more volume than BTC over the past 24 hours with roughly $60 billion trade compared to Bitcoin’s $50.2 billion. While CoinGecko's Bitcoin page has seen about 75% more traffic than its Ethereum page over the past seven days, the gap has narrowed significantly in the past 24 hours. Ong noted:
“In the past 24 hours, our Bitcoin page received about 60% more traffic compared to Ethereum. When it comes to search queries, Bitcoin received only about 7% more queries compared to Ethereum.”
The surging trade activity and interest has also coincided with institutional fund manager Grayscale’s Ethereum Trust (ETHE) seeing its premium over spot Ether prices bounce up to 11%. while the firm’s Bitcoin Trust has traded at a discount since March. The data suggests that some institutions have turned their focus to Ethereum rather than Bitcoin.
Ethereum’s volume surged to overtake Bitcoin just days after segments of a leaked report from Goldman Sachs revealed the global investment bank believes Ether has a “high chance of overtaking Bitcoin as a dominant store of value.” The report noted the growth of the burgeoning decentralized finance and nonfungible token ecosystems being built on Ethereum, as well as ETH’s dominance over Bitcoin by total transaction volume.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | Volume 24h | |
| 1 |  BTC |
Bitcoin predictions | 86.4% | 24 | $48 023.28 | -0.71% | 3.44% | $903 705 648 774 | $30 868 405 829 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 72% | 52 | $3 563.80 | -1.89% | 4.12% | $418 950 530 113 | $18 493 669 977 | |
| 3 |  ADA |
Cardano predictions | 68% | 64 | $2.42 | -2.23% | -3.43% | $77 683 489 177 | $3 095 901 217 | |
| 4 |  BNB |
Binance Coin predictions | 63.6% | 70 | $421.22 | -2.55% | -0.83% | $70 821 892 729 | $1 657 577 581 | |
| 5 |  USDT |
Tether predictions | 96% | 1 | $1.000499 | 0.02% | 0.05% | $68 288 037 795 | $74 172 515 331 | |
| 6 |  XRP |
XRP predictions | 70.4% | 55 | $1.093567 | -2.51% | -3.05% | $50 984 520 461 | $3 018 193 479 | |
| 7 |  SOL |
Solana predictions | 58.4% | 89 | $146.88 | -7.34% | -21.00% | $43 597 219 268 | $3 263 512 936 | |
| 8 |  DOT |
Polkadot predictions | 59.2% | 83 | $36.36 | 1.92% | 15.42% | $35 909 826 746 | $2 318 625 572 | |
| 9 |  DOGE |
Dogecoin predictions | 69.2% | 65 | $0.254974 | 3.69% | 0.76% | $33 480 789 211 | $1 873 594 606 | |
| 10 |  USDC |
USD Coin predictions | 92% | 1 | $1.000186 | 0.02% | 0.01% | $29 230 519 112 | $2 845 039 489 | |
| 11 |  UNI |
UniSwap predictions | 69.6% | 56 | $25.82 | -4.67% | 9.72% | $15 791 177 382 | $595 594 004 | |
| 12 |  LUNA |
Terra predictions | 66.4% | 67 | $36.20 | -0.80% | 12.70% | $14 549 248 511 | $1 555 371 086 | |
| 13 |  AVAX |
Avalanche predictions | 67.6% | 69 | $64.76 | 6.83% | 48.17% | $14 265 392 957 | $2 603 032 868 | |
| 14 |  LINK |
Chainlink predictions | 73.6% | 56 | $29.85 | -5.29% | 4.13% | $13 491 251 604 | $1 523 058 445 | |
| 15 |  BUSD |
Binance USD predictions | 90.8% | 1 | $1.000197 | 0.01% | 0.02% | $12 747 342 580 | $6 385 206 639 |
