High Demand from PayPal Users for Bitcoin and Ethereum
Bitcoin and Ethereum have broken all-time records in the past few days. BTC saw 35 thousand dollars, while ETH managed to rise above 1000 dollars. While the price of both cryptocurrencies has increased, some data have shown results that support this increase. This data includes PayPal trading volume and Google Trends.
Nugget News CEO Alex Saunders explained in a tweet that retail investors said demand for Bitcoin and Ethereum is rising rapidly. Rising demand is being followed by PayPal’s daily trading volume, Saunders said. Saunders mentioned in the itBit chart that he shared that PayPal transaction volume was approaching $ 110 million, an all-time record. Current itBit data shows that the daily trading volume is $ 103 million.
PayPal data offered by itBit does not contain 100% accuracy. Reason for this is that it is not possible to see cryptocurrency transactions made on PayPal. PayPal’s trading volume, partnered with Paxos, can only be estimated based on Paxos data. Volume data can be accessed through itBit, which creates the cryptocurrency trading infrastructure of Paxos. Although data does not fully reflect the truth, it allows the prediction to be executed.
PayPal’s record is ETH’s record too
Alex Saunders said that Ethereum also benefited from this business, with PayPal’s daily trading volume reaching 100 million.
Today's record $100M+ processed on @paypal was also a record for $ETH itself, accounting for 33% of total volume! I feel like King @VitalikButerin is about to summon $ETH to bring all $ALTS back from the dead to wreak havoc on investors from all corners of the globe. 👑❄️🦄 pic.twitter.com/Ru1NrCOFGb— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) January 6, 2021
Current data provided by itBit shows that BTCUSD parity has a transaction volume of $ 45 million and ETHUSD parity has a transaction volume of $ 34 million.
BTC and ETH searches on Google on the rise
Worldwide Bitcoin and Ethereum searches have reached their highest level in the last 3 months, according to Google Trends data.
Analyst Joseph Young also noted that Bitcoin searches have increased significantly over the last 1 year, although they are not close to the levels in 2017.