A trader works on the floor of the New York Stock Exchange January 6, 2014.
Bitcoin , the red-hot digital currency known for its volatile price swings, was on a wild ride this weekend.
Bitcoin crashed more than 25% from its all-time high of $7,721 set Wednesday to a low of $5,617 per coin on Sunday, according to data from cryptocurrency watcher CoinDesk.
Bitcoin cash, on the other hand, propelled to a record-high of $2,500 early Sunday morning.
Trading volumes on Sunday peaked at over $26 billion, according to cryptocurrency data site CoinMarketCap.com.
That's higher than the 5-day average trading volume for some US equity exchanges.
Bitcoin, the red-hot digital currency, had a wild weekend and that appears to have translated into record-breaking trading volumes across the cryptocurrency market.
Bitcoin crashed more than 25% from Wednesday's all-time high to a low of $5,617 Sunday. Bitcoin cash, the rival clone of bitcoin, witnessed an impressive rally that propelled the coin to a record-high of $2,500 early Sunday morning.
The 24-hour trading volumes for cryptocurrencies reached a record above $26 billion on Sunday, according to data site CoinMarketCap.com, the highest ever.
To put that in perspective, that is higher than the 5-day average trading volumes for two US stock exchanges. Both IEX, the upstart exchange based in New York, and the Chicago Stock Exchange averaged less than $10 billion in trading each day for the last five days, according to data by Cboe Global Markets .
IEX saw $7.8 billion worth of shares exchange on its venue, whereas CHX facilitated $3.1 billion in stock volumes.
New York Stock Exchange and Nasdaq, on the other hand, saw more than $50 billion worth of shares exchange daily on average over the last 5 trading days.
Still, the record cryptocurrency volumes over the weekend indicate the growing interest in the red-hot market, which until very recently has rarely witnessed daily trading volumes over $10.
In a recent note to clients, Bank of America Merril Lynch said higher cryptocurrency volumes could present a $1.6 billion opportunity for Wall Street .
The figure is based on the assumption that cryptocurrency volumes end up at about 10% of current fiat currency trading volumes.
For further detail visit : http://www.businessinsider.in/Cryptocurrency-trading-reached-a-new-record-over-the-weekend-thats-higher-than-volumes-on-some-US-stock-exchanges/articleshow/61638194.cms
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