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. 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.
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 billion. 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. Higher volumes, according to Bank of America, could help legitimize cryptocurrencies across Wall Street, which still remains widely skeptical of their credibility.
http://www.businessinsider.in/Cryptocurrency-trading-reached-a-new-record-over-the-weekend-thats-higher-than-volumes-on-some-US-stock-exchanges/articleshow/61638194.cms
