Ethereum Trading Volume On Coinbase Outpaces Bitcoin In Q3

Ethereum ETH/USD flipped Bitcoin BTC/USD in terms of trading volume on Coinbase Global Inc COIN for the second consecutive quarter. 

What Happened: Ethereum represented 22% of trading volume on the crypto exchange while Bitcoin accounted for 19% of trading volume, according to Coinbase’s third-quarter earnings report. 

Coinbase Q3 earnings are out#Ethereum volume surpassed #Bitcoin volume for the 2nd straight quarter (ETH 22% of volume vs BTC at 19%)

We are starting to see a shift pic.twitter.com/Z7vcTCMpBX

— Josh Lelito (@JoshLelito) November 9, 2021

Yet both assets were traded less than they were last quarter, as investors traded more altcoins this quarter than previously reported. Altcoins accounted for 59% of the $327 billion trading volume seen on Coinbase in the third quarter. 

Coinbase puts this down to its decision to support more assets on its trading platform. In September, Coinbase listed popular meme coin Shiba Inu SHIB/USD, a decision that was well-received by the crypto community.

Unlike rival crypto trading platforms like Kraken and Robinhood Markets Inc HOOD, which have not listed the meme-based cryptocurrency, Coinbase’s approach to listing follows CEO Brian Armstrong’s vision of being the “Amazon.com Inc AMZN of crypto assets.”

“The continued expansion of crypto assets supported for trading provides greater choice for our users and further strengthens our competitive position as a leading global crypto exchange,” according to Coinbase.

Price Action: Bitcoin was trading at $68,396 midday Wednesday and Ethereum was trading at $4,848. Both cryptocurrencies are trading near all-time highs. 

Photo by Old Money on Unsplash.