The largest increase, on the other hand, occurred in Asia , with + 44% of volumes traded compared to the previous quarter, while in the USA the increase was in line with that of Europe ( + 22% ).
In total, nearly half of the volumes were traded in Asia, with the other half largely concentrated in the US. The European market, on the other hand, is still very distant from the other two.
The report was commissioned and published by Coinbase , but produced by Apex: E3, and concerns the entire cryptocurrency market worldwide, and not just the exchanges that took place on the Coinbase platform .
Coinbase Report: Ethereum the most traded
By far the most traded cryptocurrency, with the exception of Tether (USDT), was Ethereum (ETH), with a strong increase of 53% compared to the previous quarter.
On the other hand, the first quarter of the year, which ended on March 31, 2021, was characterized by a real boom for Bitcoin (BTC), while starting a few days later the real protagonists of the market were the altcoins, at least until in mid-May.
In fact, the trading volume of BTC has even dropped by 14%, and the largest increase among the top 10, in percentage, was that of Dogecoin with + 1,250%.
Comparing the trading volumes of Bitcoin with those of Ethereum it emerges that those of ETH were 80% higher than those of BTC, in the second quarter of 2021, but it is still only 57% of the trading volume of BTC in the last three. quarters.
Coinbase Managing Director for Europe Marcus Hughes commented:
“We continue to see a lot of interest in various digital assets from both retail and institutional clients, with Ethereum continuing to grow in popularity and solidifying its position as the second largest cryptocurrency by market capitalization. Trading in Ethereum was up 53% from Q1 to Q2 2021, while Bitcoin lost 14%. This led to the trading volume of Ethereum reaching more than 80% of those of Bitcoin during the second quarter, a significant growth compared to last year and which testifies to the increased interest in digital assets other than Bitcoin.
Our focus, at Coinbase, continues to be on the one hand financial education and product development, widely applicable within the cryptoeconomy, and on the other, an approach to regulation in many different markets to help us build trust in this. ecosystem. An example of this was the authorization received in June to operate in the trading and custody of cryptocurrencies in Germany, the first ever issued by the German financial market regulator (BaFIN). We look forward to seizing the next opportunities to increase the offer for customers both in Germany and the rest of Europe ”.