Cryptocurrency Trading Volume To Surpass Apple Soon: CNBC
CNBC analyst predicts cryptocurrency trading volume will exceed that of Apple.
According to one analyst interviewed on CNBC, the trading volume of Bitcoin, Ethereum and other cryptocurrencies could surpass that of Apple in the near future. The analyst, Jens Nordvig, founder and CEO of Exante Data, said that the cryptocurrency market is exploding, and global trading will soon surpass that of the tech giant.
The surge in Bitcoin and Ethereum prices has led to a massive influx of traders and investors, seeking to participate in the financial boom. In fact, the growth has increased more than eight times this year alone. Nordvig said:
"Cryptocurrency trading volume is now more than of $3 bln/day on average, and will likely soon surpass that of the world's most liquid stock: Apple ($4 bln/day).”
Crypto up, stocks down
The massive growth in cryptocurrency trading volumes has been coupled with an equally large drop in stock trading volumes. The daily trading volume of US stocks hit a three-year low in August, ostensibly fueled by a focus on other investment strategies.
The lower stock trading volume has also been coupled with a sizable shift in funds out of the stock market over the past weeks, as traders are concerned that the market is at a peak.