Coinbase has reported that the weekly trading volume for ethereum (ETH) has reached its highest notional value in over 17-months, Coindesk reports.
Data from Trading View shows that in Coinbase’s 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 — its highest total in a week since 11th December 2017.
Coindesk adds, “If the trading volume of Coinbase’s 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.”
All this suggests that during the week in which trading volume grew and the price of ETH increased by 37%, that there is a sustainable rally taking place, and that retail investors have re-entered the cryptocurrency markets after months of waning interest as a result of falling prices.
Coinbase is one of the best-known exchanges and a favourite with retail investors, as well as seasoned investors and traders.
Coindesk also points out that weekly volume increases of this magnitude on Coinbase have preceded more significant advances in ETH’s price history. For example, it says, “Since late 2016 and not including this past week, the combined weekly trade volume of Coinbase’s ETH/USD and ETH/BTC markets has exceeded 3.13 million ETH only 4 times and in the six weeks after ETH’s USD price went on to increase 87.1, 91.3, 54.6, and 67.1 percent respectively.”
ETH Is not the only crypto showing growth as market watchers will know: BTC is holding its own around the $8,000 mark and the broader cryptocurrency market is valued at around $242.4 billion, up 91 percent from the beginning of the year.