Cryptocurrency Trading Volume Set to Surpass Apple Stock: Market Strategist
Stock market strategist Jens Nordvig predicts that daily cryptocurrency trading volume will “soon surpass” that of Apple, the most-traded company stock.
Nordvig, the founder and CEO of Exante Data, made this prediction in a note published earlier this week and quoted in CNBC:
Cryptocurrency trading volume is now more than of $3bn/day on average, and will likely soon surpass that of the world’s most liquid stock: Apple ($4bn/day).
Currently, the trading volume of Apple Stock averages about $4 billion per day, making it the most liquid company stock. Noting that trading between cryptocurrencies and fiat currencies has risen eightfold in 2017 alone, Nordvig anticipates that total crypto market volume will “soon surpass” that of Apple.
As CCN has reported, cryptocurrency trading volume recently hit a 24-hour record of $11 billion, but the 30-day rolling average is closer to $3 billion. This is partly due to the fact that volume always decreases on the weekends. In the past day, for instance, volume only reached $2.5 billion and bitcoin was the only currency whose volume exceeded $500 million.
Currently, the trading volume of Apple Stock averages about $4 billion per day, making it the most liquid company stock. Noting that trading between cryptocurrencies and fiat currencies has risen eightfold in 2017 alone, Nordvig anticipates that total crypto market volume will “soon surpass” that of Apple.
As CCN has reported, cryptocurrency trading volume recently hit a 24-hour record of $11 billion, but the 30-day rolling average is closer to $3 billion. This is partly due to the fact that volume always decreases on the weekends. In the past day, for instance, volume only reached $2.5 billion and bitcoin was the only currency whose volume exceeded $500 million.
Source : cryptocoinnews