Trading Volumes for Cryptocurrency Hit All-Time High

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The hottest of the digital currencies, Bitcoin, had an eventful weekend as investors began trading and selling wildly. The currency shot down by a staggering 25{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} since only a week prior going to a low of $5,617 on Sunday, November 12th.

The clone of bitcoin known as Bitcoin Cash had an impressive rally alongside bitcoin that ended up bringing the price of the alternative coin up to a record high of almost $2,500. Looking at data from the cryptocurrency site, coinmarketcap.com, the 24-hour trading volume for cryptocurrency reached an all time high of over $26 billion late on Sunday. To put this number in perspective, the average trading volume for a 5-day period for the Chicago Stock Exchange averaged around $10 billion less.

The New York Stock Exchange and Nasdaq, respectively saw around $50 billion worth of shares exchanged per day over the course of the past five days. This shows that cryptocurrency could be on the way up in the market, and could eventually become a large enough player to compete with the biggest stock exchanges in the world.

The record in the exchange for cryptocurrency shows something interesting about the market itself. The market has rarely seen this much fluctuation and it could not be the las time. In a note to clients, Bank of America Merrill Lynch stated that cryptocurrencies could be a very large opportunity for Wall Street.

The firm stated that “The FX market is highly liquid. For example, spot FX volumes were $1.65tr as of the most recent BIT Triennial survey in April 2016. If these volumes were to materialize, with the same relationship between spot market and futures, and the same revenue per contract, the revenue pool would be about $1.6bn.” Hopefully, this means only a bright future for the market on digital currency.

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