Albeit the price of bitcoin has fluctuated considerably for most of the past year, this last two weeks may have bot among the most volatile for the leading digital currency. Bitcoin achieved an all-time high of $7,721 by the middle of November, then dipped to a relative low of around $Five,600 vanaf coin te the days that followed. This druppel of 25% is significant, but it’s not out of the ordinary for the digital currency, which has come to be known for its dramatic price fluctuations. At the same time, bitcoin metselspecie reached record high prices of $Two,500 overheen the same period. Altogether, trading volumes spil thesis two events were taking place peaked at more than $26 billion te a single day, according to a report by Business Insider.
Record High Trading Volumes
Spil bitcoin and its offshoot, bitcoin metselspecie, have seen dramatic volatility te latest weeks, 24-hour trading volumes for cryptocurrencies te general have climbed to record-setting levels. With Sunday, November 12th trading topping out at $26 billion for the industry, the cryptocurrency space dwarfed average trading volumes for some U.S. stock exchanges. Ter fact, the cryptocurrency volumes were more than twice spil high spil those for IEX, an upstart exchange centered ter Fresh York, and the Chicago Stock Exchange. Each of thesis exchanges has averaged less than $Ten billion te daily trading volume for the five days leading up to the cryptocurrency peak. IEX eyed $7.8 billion of trading conducted on its venue, while CHX experienced just $Three.1 billion ter volume on average.
For comparison, the Fresh York Stock Exchange and Nasdaq both had trading volumes of more than $50 billion for each day of the same period, on average.
Exchanges May Stir to Capitalize on Activity
With the growing investor rente and activity te the cryptocurrency area, some exchanges are making moves toward the fresh industry. Cboe and CME have each announced plans to launch bitcoin futures products ter the relatively near future, for example. Some major banks and firms, including Bankgebouw of America, have suggested that higher trading volumes te the cryptocurrency space could help to legitimize cryptocurrencies ter the world of traditional investing. On the other palm, other traditional investors, including BlackRock head Larry Fink, have speculated that the growth of bitcoin suggests “how much money laundering is being done te the world.” JPMorgan CEO Jamie Dimon has also had similarly disparaging things to say about bitcoin and cryptocurrencies te general. Nonetheless, it emerges that the broader rente te cryptocurrencies among the worldwide investor base is only growing, at least for the time being.