Cryptocurrency trading reached a new record

[mohit3110MM]

over the weekend that's higher than volumes on some US stock exchanges


Bitcoin, the red-hot digital currency, had a wild weekend and that appears to have translated into record-breaking trading volumes across the cryptocurrency market.

Bitcoin crashed more than 25% from Wednesday's all-time high to a low of $5,617 Sunday. Bitcoin cash, the rival clone of bitcoin, witnessed an impressive rally that propelled the coin to a record-high of $2,500 early Sunday morning.

The 24-hour trading volumes for cryptocurrencies reached a record above $26 billion on Sunday, according to data site CoinMarketCap.com, the highest ever.To put that in perspective, that is higher than the 5-day average trading volumes for two US stock exchanges. Both IEX, the upstart exchange based in New York, and the Chicago Stock Exchange averaged less than $10 billion in trading each day for the last five days, according to data by Cboe Global Markets .

IEX saw $7.8 billion worth of shares exchange on its venue, whereas CHX facilitated $3.1 billion in stock volumes.

New York Stock Exchange and Nasdaq, on the other hand, saw more than $50 billion worth of shares exchange daily on average over the last 5 trading days.

Still, the record cryptocurrency volumes over the weekend indicate the growing interest in the red-hot market, which until very recently has rarely witnessed daily trading volumes over $10.

In a recent note to clients, Bank of America Merril Lynch said higher cryptocurrency volumes could present a $1.6 billion opportunity for Wall Street .

The figure is based on the assumption that cryptocurrency volumes end up at about 10% of current fiat currency trading volumes.

[fiulpro]

I really think that people are looking at it like their second lost chance.. the fact that they are now trying to do investment in it when the price of bitcoins have fallen below their usual value, I think thats partially a reason of increasing transactions and also bitcoin cash is gaining momentum over the past week thus people are seeing it as the future bitcoin thus investing in it too..
Doubling the investment in bith sectors have pushed the number of transactions to a very high Value.
If it keeps on I really think the fiat will become limited for usage.