Daily cryptocurrency volumes vs
Traders on the floor of the Fresh York Stock Exchange on December 6. REUTERS/Brendan McDermid
- Universal volume ter cryptocurrency markets has passed $50 billion, close to the promedio turnover on Fresh York Stock Exchange.
- The comparison is inexact but highlights just how popular digital currencies have become.
LONDON вЂ” Completo cryptocurrency markets are now averaging the same daily trading volumes spil the Fresh York Stock Exchange.
Twenty-four-hour trade volume ter the cryptocurrency market passed the $50 billion mark on Wednesday, according to the gegevens provider CoinMarketCap.com.
That is close to the media daily volume of trade on the Fresh York Stock Exchange this year. Daily trading volumes on the London Stock Exchange hover at about ВЈ5 billion, or $6.7 billion.
The comparison is inexact, spil the cryptocurrency market is arguably closer to the foreign-exchange market, which has daily volumes of overheen $Five trillion.
But it highlights just how hot the cryptocurrency market has become te . Unlike the foreign-exchange market, cryptocurrency trading is largely done by small-time, retail investors, making it closer to the stock market (however some large institutions are playing te the market.)
Investors have flocked to cryptocurrencies ter because of the eye-catching comes back of bitcoin, which has grown by about 1,500% against the dollar. A éxito te so-called initial coin offerings, te which startups punt their own cryptocurrencies to raise money, has created a raft of other digital assets for investors to speculate on. There are now more than 1,300 cryptocurrencies ter circulation, according to CoinMarketCap.com.
But many people within the financial industry have voiced concern about the largely unregulated market. The UK’s top financial regulator warned earlier this month that people should be ready to lose all the money they invest te bitcoin, and JPMorgan CEO Jamie Dimon has called cryptocurrencies a “scam.”