Cryptocurrencies are flourishing despite bad news from China to curb Bitcoin trading or critisim from JP Morgan Chase CEO. In the latest development on the digital currencies news, it is said that the trading volume of cryptocurrencies will exceed Apple soon. Will Cryptocurrencies trading volume surpass Apple? Let’s see.
25 September, AtoZForex – The trading of digital currencies is bursting as well as poised to overtake a tech giant Apple. According to Exante Data founder and CEO Jens Nordvig, the trading volume of Bitcoin, Ethereum, and other cryptocurrencies could surpass Apple soon. The analyst said that the cryptocurrency market is exploding, and global trading will soon surpass the tech giant.
Will Cryptocurrencies trading volume surpass Apple?
The surge in Bitcoin and Ethereum prices has led to a massive influx of traders and investors. They all are seeking to participate in the financial boom. In fact, the volume has increased more than eight times this year. Nordvig said:
“Cryptocurrency trading volume is now more than of $3 bln per day on average. And will likely soon surpass that of the world’s most liquid stock: Apple ($4 bln/day).”
The large drop in stock trading volumes has coupled with the massive growth in cryptocurrency trading volumes. The daily US stocks trading volume hit a three-year low in August, fueled by a focus on other investment strategies. The lower stock trading volume has also been coupled with a sizable shift in funds, as traders are concerned that the market is at a peak.
Is it worth investing in Bitcoin?
Bitcoin has surged this year despite the China crackdown on digital currencies and criticism from JPMorgan Chase CEO Jamie Dimon. Bitcoin traded slightly lower near $3,524 on Friday, but it is still up about 260 percent for the year.
Many virtual currency enthusiasts have noted that bitcoin is a way for new investors to access the growing number of digital currencies. Many sites list more than 350 cryptocurrencies with a market value of more than $1 million each. Recently, it has been reported also Bitcoin cash price surges following cryptocurrecy fork.
The total market value of all digital currencies was $121 billion on Friday. Ethereum traded mildly lower near $256 but was still more than 2,500 percent higher for the year. While digital currency trading volume has taken off, average daily trading volume in US stocks fell in August to its lowest in three years, according to market researcher Tabb Group.
However, Nordvig is still cautious on the often volatile digital currencies. He has stated:
“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.
But we look forward to using the information from an increasingly active cryptocurrency market in our tracking of global capital flows, when appropriate.”
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