Cryptocurrency Exchanges Trading Volume Can Reach $16T, FAANG’s Hit $12T

[RSRS]

With digital currencies gaining increasing awareness by the day, there is a high likelihood that more inflow of funds will be coming into the space.

The potentials inherent in the digital currency space can be reviewed by a new metric, the trade volume of cryptocurrency exchanges in comparison with mainstream public equities. As shared on Twitter by Yassine Elmandjra, a cryptocurrency analysts with Ark Investment Management, the thousands of digital currencies led by Bitcoin (BTC) now trades more volume combined than the largest public equities in the world.

Per the data shared, digital currency exchange platforms are on track to hit $16 trillion this year in trading volumes. This figure according to the analyst is up by more than 8x more than what was recorded in the previous year. For a proper perspective, Yassine said “FAANG stocks are on pace to reach only $12 tr of trading volume this year.”

Cryptocurrencies now trade more volume than the largest public equities in the world.

Cryptocurrency exchange volume is on pace to reach $16 tr this yr, up more than 8-fold from last year

For perspective, FAANG stocks are on pace to reach only $12 tr of trading volume this year pic.twitter.com/jUQxdT2zIW

— Yassine Elmandjra (@yassineARK) August 10, 2021

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