Weekly trading volume for the world‚Äôs second largest cryptocurrency by market value, Ethereum (ETH), reached its highest notional value in over 17-months on the popular exchange Coinbase.
In Coinbase‚Äôs two most popular ETH markets, ETH/BTC and ETH/USD, a combined total of 3,675,570 units of ETH changed hands from May 13 to May 19, which at current market prices ($246) has a notional value of over $904.1 million ‚Äď its highest total in a week since Dec. 11, 2017 according to data from TradingView.
If the trading volume of Coinbase‚Äôs remaining and more recently-added ETH markets (ETH/GBP, ETH/EUR, and ETH/USDC) are added to the mix, a total of 4.271 million ETH moved in that 7-day stretch, activity that was worth over $1.05 billion at current market prices.
ETH/BTC + ETH/USD Weekly Volume (Coinbase)
The forceful return of in trading volume during a week in which ETH prices rose 37 percent (USD value) indicates the rally may be sustainable and that retail investors have re-entered the cryptocurrency markets after months of waning interest as a result of falling prices.
Coinbase‚Äôs brand recognition is among the strongest in the cryptocurrency exchange sector as its $8 billion valuation and status as the largest US-based crypto exchange make it a primary destination for investors and traders alike who want quick and safe exposure to the market.
Interestingly, weekly volume increases of this magnitude on Coinbase have preceded more significant advances in ETH‚Äôs price history.
Since late 2016 and not including this past week, the combined weekly trade volume of Coinbase‚Äôs ETH/USD and ETH/BTC markets has exceeded 3.13 million ETH only 4 times and in the six weeks after ETH‚Äôs USD price went on to increase 87.1, 91.3, 54.6, and 67.1 percent respectively.
That said, ETH wasn‚Äôt the only cryptocurrency to flash notable growth last week. Bitcoin (BTC), the sole cryptocurrency larger than ETH by market cap, increased 17 percent in price and climbed to a 42-week high of $8,388.
In all, the value of the broader cryptocurrency market now records $242.4 billion, up 91 from the beginning of the year, according to CoinMarketCap.
Disclosure: The author holds several cryptocurrencies. Please see his author bio for more information.