- Coinbase reported that the share of trading volume for ethereum and other altcoins increased last year.
- Ethereum trading volume increased from 15% to 21% of Coinbase’s total, and altcoins increased from 44% to 55%.
- Meanwhile, trading volume for bitcoin dropped from 41% to 24% of the total.
Coinbase reported that the share of trading volume for ethereum and other altcoins increased last year, while bitcoin’s share dropped dramatically.
Between 2020 and 2021, ethereum trading volume increased from 15% to 21% of Coinbase’s total trading volume, and altcoins — or assets besides ethereum and bitcoin — increased from 44% to 55%. Bitcoin dropped from 41% to 24%.
Overall trading volume soared 766% to $1.67 trillion last year.
Coinbase also reported strong fourth-quarter earnings Thursday after the bell, posting $3.32 earnings per share, versus $1.85 expected. For revenue, it posted $2.5 billion, versus $1.94 billion expected.
However, the company said retail monthly transaction users and total trading volume would be lower in the first quarter compared to the fourth quarter, citing decreased crypto asset
volatility
as well as lower crypto market capitalization.
Geopolitical unrest and a more hawkish
Federal Reserve
have both hit crypto
market cap
, Coinbase said in its earnings report.
Amid the Russia-Ukraine conflict, bitcoin has plummeted as investors realize it may not be the gold-like safe haven they thought it was.
Meanwhile, analysts have pointed out the increasingly tight correlation between stock moves and crypto prices. And the prospect of several Fed rate hikes this year has hammered stocks as well as cryptocurrencies in recent months.