Coinbase reports Global cryptocurrency transaction volumes rose 32%

By Joy Dumasia

Coinbase has recently published their Quarterly Crypto Market report Q2 2021, of the UK and Europe. The Q2 cryptocurrency market report was commissioned by Coinbase and produced by Apex:E3. 

The figures show the ongoing interest in Ethereum, with its average daily trading volume rising 53% to $3.2bn in Q2. Ethereum’s daily traded volume made up over 80% of the daily traded volume of Bitcoin. At the same time, UK daily transaction volumes rose 30%. 

Coinbase and Apex:E3 highlighted a few key points of their report, they are as follows:

• UK daily transaction volumes rise 30% q-o-q to £468m (from £325m in Q1) 

• Global daily transaction volumes increased by 32%, with Asia leading the way (44% increase in volumes) 

• Continued interest in Ethereum, with average daily traded volume up 53% q-o-q 

• Ethereum’s daily traded volume was over 80% of Bitcoin’s daily traded volume in Q2 and represented 57% of Bitcoin’s daily traded volume over the past three quarters. 

• The price of Bitcoin and Ethereum reached new highs of $63k & $4.2k respectively in Q2, before dropping back to $31.7k and $1.9k.

Marcus Hughes, Coinbase’s Managing Director for Europe, said: “We continue to see significant interest in a range of digital assets from both retail and institutional customers, with Ethereum continuing to grow in popularity and cementing its position as the second-largest cryptocurrency by market capitalisation. Ethereum’s trading volume grew 53% from Q1 to Q2, while Bitcoin saw a 14% decline. This resulted in Ethereum volumes making up over 80% of the traded volumes of Bitcoin in Q2, a significant increase on last year and testament to increased interest in digital assets beyond Bitcoin.”

Recently, IBS Intelligence reported that California-based Coinbase, a digital currency wallet and platform provider, has announced that its Coinbase Card can be used now with Apple Pay and Google Pay to make it even easier to spend crypto at home and on the go.