Until just a few years ago, cryptocurrency was seen as a gimmick to most investors. Then it took off last year. Since then, cryptocurrency has steadily gained the attention of those looking for an alternative to stocks and bonds. It’s now a viable option in an ever-expanding market place.
Those within the crypto market had their commitment to the once unorthodox currency rewarded with the release of a new report. It appears that daily cryptocurrency volumes have come dangerously close to surpassing the volume of the New York Stock Exchange, according to Business Insider.
This rapid success of cryptocurrency can be largely attributed to the fact that its market place is a twenty-four-hour trading floor. The NYSE, on the other hand, is hindered by only being open for trade from 9:30 am – 4 pm EST.
On Wednesday, CoinMarketCap.com reported that the volume in the cryptocurrency market passed its $50 billion mark. The NYSE on a good day’s teeters any where from $5.5 billion and 5.9 billion, according to its website.
Strict regulations can be a pivotal factor in this comparison, but cryptocurrency is closer to foreign market place totals which usually sits around $5 trillion.
Cryptocurrency has seen significant gains in 2017. Bitcoin, one of the most popular cryptocurrencies, began leading the charge bringing in a new audience that would have, at one time, never even cared about joining a market such as this one.
In 2017 alone, bitcoin has grown 1,500 percent against the dollar. On Dec. 20, one bitcoin is worth $16,500. The massive returns have interested and puzzled many traditional traders in the NYSE.
Cryptocurrency isn’t only limited to bitcoin. Business Insider reported that there are over 1,300 forms of cryptocurrency in circulation today causing many investors to leave the traditional stock market for the world of cryptocurrency as there are fewer regulations.
Fewer regulations has many arguing that cryptocurrency has an unfair advantage over the traditional stock market, but stricter regulations will surely be coming for cryptocurrency sooner rather than later.