LMAX Digital volumes were exceptionally strong over the weekend. Total volume on Saturday and Sunday came in at $4.51 billion, up dramatically from the previous weekend volume of $1.74 billion. Saturday and Sunday volumes both managed to exceed the 30-day average volume as well, a remarkable feat for what is normally thinner trade. Total notional volume over the past 30 days has also now crossed the $60 billion market, coming in at $60.32 billion.

Average BTCUSD trade size at LMAX Digital has been holding steady between $14,000 and $15,000, this reflective of the consolidative nature of the asset at the moment. Ether on the other hand, continues to drive to record highs, also resulting in ETHUSD average trade size trending up from $5,500 last week, to $6,500 into the new week.

Ether is the cryptocurrency really turning heads in 2021. Ether has extended its record run of gains, all while bitcoin remains in a state of consolidation since topping out at its record high back on April 14th. Year to date, ether is up 454% against the US Dollar, as compared to bitcoin, up 101% against the Buck. Investors who took on exposure to bitcoin in recent months are now looking for other areas to diversify their crypto exposure.

Given Ethereum’s different value proposition, there has been great interest in the currency driving this alternative blockchain. Some of the latest headlines are around Paypal considering the possibility of its own stable coin, and the growing list of banks entering the space.

Ether is also a prime beneficiary of Fed policy which continues to incentivize investment in risk assets. Whereas bitcoin is viewed as a story of value asset, Ethereum is the blockchain driving innovation in the cryptosphere. It therefore makes sense to see its currency outperforming in such favourable market conditions.

But ether also has a way of being a laggard to bitcoin price action and with the currency so extended and Fed officials and the Treasury Secretary warning of an overheated market, we would caution against expectations for the run to extend much further at this stage.