Strategist Says Digital Currency Trading Volume Will ‘Soon Surpass’ AppleSeptember 22, 2017 10:15 pm
Digital currency trading is currently booming and one strategist is warning that daily volume could even surpass that of Apple, according to CNBC.
“Cryptocurrency trading volume is now more than of $3bn/day on average, and will likely soon surpass that of the world’s most liquid stock: Apple ($4bn/day),”Jens Nordvig, founder and CEO of Exante Data, said in a note Friday.
Nordvig said the global daily trading volume between the two largest digital currencies, bitcoin, and ethereum, into traditional currencies has multipled eight times in the last year.
Bitcoin has been soaring until recent interference from regulation in China cracking down on the digital currencies.
Bitcoin traded slightly lower near $3,524 midday Friday, but it is still up about 260 percent for the year, according to CoinDesk.
Many enthusiasts of digital currency have said that bitcoin is a new way for investors to access the growing trend of digital currencies, with industry experts CoinMarketCap saying that there are currently more than 350 cryptocurrencies with a market value of more than $1 million each.
The total market value of all digital currencies was $121 billion Friday, according to CoinMarketCap.
Ethereum was slightly lower near $256, but still was more than 2,500 percent higher for the year, according to CoinDesk.
“We do not believe that one can predict with confidence at this point that any given cryptocurrency will continue to thrive and gain status as an alternative to traditional currencies in the long term,” Nordvig said. “But we look forward to using the information from an increasingly active cryptocurrency market in our tracking of global capital flows, when appropriate.”
–WN.com, Maureen Foody