Coinbase’s latest earnings report shows some big moves taking place in the crypto economy. 😌 🥳
Ethereum’s trading volume outstripped Bitcoin’s for the first time ever on Coinbase, accounting for 26% of trading volume. Bitcoin trading represented 24%. Together, the two cryptos represent half of Coinbase’s Q2 trading volume.
Bitcoin’s decline also came at the cost of hundreds of new assets, which represented the other half of volume on the exchange.
Though trading volume is not necessarily predictive of price movements, Ethereum’s rise against Bitcoin is one way of measuring demand. Whether it sticks or not is untold, but it’s a pretty bullish indicator for the cryptocurrency as it preps its next big update, Eth2.
Coinbase’s report crushed analyst predictions. The company earned a whopping $2.03 billion in revenue, exceeding analysts’ predictions of $1.88 billion.