As reported yesterday by industry website Coindesk, ETH’s weekly volume reached a more than 17-month high on the largest US crypto exchange, Coinbase. According to the website, Coinbase’s two most popular ETH markets, ETH/BTC and ETH/USD saw a total of 3,675,570 ETH tokens changing hands over the May 13-May 19 period. At current prices this volume has a notional value of over $900 million, which is the highest weekly total on Coinbase since December 11. When taking into account the ETH/GBP, ETH/EUR, and ETH/USDC pairs that were more recently added to the platform, the volume exceeds $1 billion.
Coindesk noted that “weekly volume increases of this magnitude on Coinbase have preceded more significant advances in ETH’s price history”.
In today’s trading, the Ether price stood at $252.36, as of 14:32 BST. The digital coin has gained 2.7% in the past 24 hours. Its total market capitalisation currently stands at $26.8 billion.
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