Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions

2021-4-24 17:12

2021 has been an explosive year so far.

As prices rallied, so did the crypto market cap from about $780 billion at the beginning of the year to an all-time high at $2.35 trillion on April 17. As of writing, the total market cap is just under $2 trillion.

With this price move, the volume on cryptocurrency exchanges also exploded. As Coinbase revealed in its Q1 2021 results, it did $335 billion in trading volume in just three months.

In total, last month, crypto exchanges did $1.17 trillion, and in April, so far, we have already surpassed $1.26 trillion, as per The Block data.

Comparatively, $3.32 trillion was recorded in volume by the New York Stock Exchange (NYSE) alone in March. NYSE is the largest exchange venue, operating NYSE, NYSE Arca, NYSE Chicago, NYSE American, and NYSE National, which makes up 20-25% of US equity exchange trading.

Interestingly, while total crypto trading volume was a mere 8% of NYSE Group’s volume in September 2020, it reached 48% in February 2021.

These numbers could be benefitted by unique features of the crypto market, which runs 24/7, around the globe, and has thousands of crypto assets, in some cases tokenized stocks as well, listed on them.

Interestingly, Bison, the crypto trading app of Boerse Stuttgart, Germany’s second-biggest stock exchange which is one of the largest in the world, also achieved ˆ2 billion (US$2.4 billion) in trading volume so far this year, up from ˆ35 million ($42.3 million) in November.

Launched in 2018, the app also recorded an 83% surge in the number of its active users to 400,000 since the year started. It allows users to trade Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP, and Bitcoin Cash (BCH). BTC 0.98% Bitcoin / USD BTCUSD $ 50,818.46
$498.02 0.98% Volume 52.91 b Change $498.02 Open $50,818.46 Circulating 18.69 m Market Cap 949.81 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); 27 min Louisiana Passes Bill Encouraging Bitcoin’s Increased Usage while Commending it on its Success 2 h Olives Are A Better Inflation Hedge Than Bitcoin, says “Black Swan” Author 3 h Ethereum London Upgrade with EIP-1559 Set to Be Released on July 14th ETH -1.89% Ethereum / USD ETHUSD $ 2,276.72
-$43.03 -1.89% Volume 33.59 b Change -$43.03 Open $2,276.72 Circulating 115.6 m Market Cap 263.2 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=ETH&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); 3 h Ethereum London Upgrade with EIP-1559 Set to Be Released on July 14th 5 h Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions 1 d Hong Kong Restaurant Starts Accepting Bitcoin, Ether & other Cryptos as Payment LTC -2.52% Litecoin / USD LTCUSD $ 230.81
-$5.82 -2.52% Volume 5.02 b Change -$5.82 Open $230.81 Circulating 66.75 m Market Cap 15.41 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=LTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); 5 h Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions 4 d Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading 4 d Venmo Allows its 70 Million Customers to Now Buy, Hold, and Sell Crypto Directly Within the App XRP 0.20% XRP / USD XRPUSD $ 1.09
$0.00 0.20% Volume 9.23 b Change $0.00 Open $1.09 Circulating 45.4 b Market Cap 49.58 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=XRP&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); 5 h Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions 1 d Hong Kong Restaurant Starts Accepting Bitcoin, Ether & other Cryptos as Payment 1 d SOL Bucks the Trend and Hit a New ATH as Crypto Market Sees Another Sell-off BCH -1.45% Bitcoin Cash / USD BCHUSD $ 793.34
-$11.50 -1.45% Volume 3.74 b Change -$11.50 Open $793.34 Circulating 18.72 m Market Cap 14.85 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BCH&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); 5 h Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions 4 d Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 4 d Venmo Allows its 70 Million Customers to Now Buy, Hold, and Sell Crypto Directly Within the App

This growth in both users and trading volume “reflect the current high momentum in the crypto market and the increasingly broad interest in cryptocurrencies,” said Ulli Spankowski, CEO of Sowa Labs GmbH, a Boerse Stuttgart subsidiary that developed the app.

The post Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions first appeared on BitcoinExchangeGuide.

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