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Tuesday, March 21, 2017

Markets Update: Daily Cryptocurrency Volumes Surpass $1 Billion

Markets Update: Daily Cryptocurrency Volumes Surpass $1 Billion

Over the past week, the exchange rate of one bitcoin has continued to hold above the US$1,200 range, maintaining an average of $1,215-1,235 per BTC. As bitcoin’s price has consolidated, cryptocurrency markets in general have increased in volume significantly. Currently, 24-hour cryptocurrency trading volume now exceeds $1 billion in trades per day reaching a new milestone.

The price of a bitcoin has been quite stable over the seven-day period since the rejected ETF decision last Friday. Initially, bitcoin markets reacted with a price rise while waiting for the decision on March 10 and after the SEC’s announcement market prices declined. Since then bitcoin’s value has recovered from the downturn and increased in value to a high of $1,260 on March 15. Bitcoin volume has been incredibly high, reaching an average of over $500 million USD worth of volume daily.

On the peer-to-peer level, bitcoin exchange volumes like Localbitcoins have also reached all-time highs this week. Global Localbitcoins volumes are currently $32 million with countries like China, the U.S., and Canada leading the race. Other peer-to-peer exchange platforms like Paxful and Bitsquare are seeing record volumes as well.

When looking at overall cryptocurrency markets globally, there has been a massive influx of volume when adding altcoin volumes into the equation. Daily cryptocurrency volume has surpassed $1 billion USD in trades due to significant price increases from other altcoins. Adding to bitcoin’s massive daily trade volume, altcoins like Ethereum, Dash, Tether and Monero have bolstered the overall market volumes.

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