Ether has achieved a significant milestone as its 24-hour trading volume recently surpassed that of Bitcoin. Nearly $60 billion worth of Ether were traded while Bitcoin’s was pegged at $50 billion The new record came just within the period that BTC faced several turmoil. This new development followed after the cryptocurrency filed in its financial reports for the first quarter of the year.
Ethereum optimists are suggesting that ETH would record a double trading volume ahead of BTC soon, but this prediction might take quite a while. A screenshot from CoinGecko earlier circulated on Twitter on May 25. The screenshot indicated that a daily trading volume of Ether surpassed BTC with over $62 billion.
In response, Bobby Ong, CoinGecko’s COO and founder, said in a statement to Cointelegraph.com that the screenshot was not accurate. He pointed the fault to an API malfunction or wash trading that blew up the ETH trading figures on the site.
Grayscale’s Ethereum Trust (ETHE) Sees its Premium Over Spot Ether Prices Bounce up to 11%
The increasing surge in Ethereum trading also occurred within the same period Greyscale, an institutional fund manager, recorded an 11% spot price increase for ETH. On the other hand, Bitcoin has been trading at a discount since March.
According to speculations, it is suggested that more institutional entities are turning their focus to Ethereum rather than Bitcoin. Areas of a leaked report from Goldman Sachs were shared disclosing a belief that Ethereum has a good chance of supercededing BTC as a main store of value.
The report went further to acknowledge the development and growth of other decentralized systems on the Ethereum ecosystem. This includes the NFTs and other Ether blockchain-based tokens. They are all considered as good grounds for a take-off over Bitcoin.