Coinbase's ETH trading volume hit a 17-month high, and history indicates that ETH will continue to rise
Coinbase's Ethereum trading volume
If Coinbase's recently added ETH trading pair (ETH / GBP, ETH / EUR and ETH / USDC) is added, a total of 4.271 million ETHs are moved over the 7-day period, at current market prices, worth more than $1.05 billion.
In the week when ETH prices rose 37%, the surge in trading volume indicates that retail investors ( retail investors) have re-entered the cryptocurrency market.
Coinbase's brand awareness is very high in cryptocurrency trading, with its $8 billion valuation and its position as the largest crypto exchange in the US making it a prime choice for investors and traders, especially those who want to be fast and safe. People who invest in the encryption market.
Interestingly, in the price history of ETH, the increase in Coinbase's weekly trading volume often indicates a larger increase. Since the end of 2016 (excluding last week), the weekly trading volume of Coinbase ETH / USD and ETH / BTC trading pairs has only exceeded 3.13 million ETHs four times. In the following six weeks, the price of ETH dollars continued to increase, the increase They reached 87.1%, 91.3%, 54.6% and 67.1% respectively.
However, ETH was not the only cryptocurrency that grew sharply last week. Bitcoin (BTC) rose 17% last week and climbed to a 42-week high of $8,388. At the same time, BTC futures trading is also in full swing. Last week, the Chicago Mercantile Exchange's BTC futures trading volume hit a record high, with a transaction value of more than $1 billion, an increase of about 50% from April 4.
Author: Sam Ouimet
Source: Babbitt Information (http://www.8btc.com/ coinbase-records-highest-weekly-ethereum-trading-volume-since-2017)