Cryptocurrency Market Hits New York Stock Exchange’s Daily Volume
Crypto’s global average daily trading volume is moving neck and neck with the New York Stock Exchange (NYSE). To put that into perspective, the average 24-hour cryptocurrency exchange volume has surpassed the $50 billion USD landmark, according to CoinMarketCap.com.
Cryptocurrency Cap Reaches $650 Billion
Though the market cap of the entire cryptocurrency spaced has sagged down to $590 billion USD at press time, analysts and pundits like Mike Novogratz predict the market will cross $1 trillion in the near future with a broader, growing investor base in the ecosystem.
And, in a good sign that $1 trillion is realistically possible, the global cryptocurrency trading volume has now eclipsed $50 billion daily.
The global crypto daily volume had already outran IEX (Investors Exchange) and Chicago Stock Exchange. Both of these exchanges witnesses average daily trading volume of about $5 billion.
And now the crypto ecosystem is joining the likes of the New York Stock Exchange and Nasdaq, which both account for $50 billion in daily volume.
Clearly, more institutional investors are switching towards the crypto industry as Cboe and CME Group capitalize on the maturing market with the launch of bitcoin futures products.
Volatility, Choppiness Is Inescapable
Bitcoin has seen an unprecedented boom, with a price hike of over 1,750 percent in a year. The burgeoning virtual currency accounts for almost 50 percent of the global crypto trade volume. According to Bank of America, higher volumes in the crypto market will only help to legitimize the controversial digital currency over time.
And this is all in spite of the fact that bitcoin has been hammered with bad reports as of late, being labeled as a vehicle used by criminals to move money. The ongoing shift around the globe to form a regulatory framework that regulates bitcoin use has made it more volatile.
But, just as volatility is inescapable even for stock markets, hyper-volatility is inescapable for the premature cryptocurrency arena. It’s just the name of the game for now.
Even though many institutional figures have derided bitcoin, it has not stopped investors from from flocking to the bitcoin bandwagon. Hopefully, in the years ahead the volatility we see now will give way to stability, making cryptocurrencies more robust and parallel to fiat currencies.
What’s your take on the crypto market now pushing the NYSE’s $50 billion market capitalization? Is this just the start? Sound off below!
Images via CoinMarketCap, NPR