Bitcoin’s price fell over the weekend, even as cryptocurrency trading volumes reached an all-time high. Bitcoin lost nearly 25% of its value, falling to roughly $5,617. Meanwhile, Bitcoin Cash experienced historic gains. The price of that digital currency is around $2,500.
According to CoinMarketCap.com, cryptocurrency trading volumes topped $26 billion—marking the highest level ever recorded.
Cryptocurrency market outpaces some U.S. exchanges
Trading volumes for virtual currencies have exceeded those reported by two U.S. exchanges: IEX, the Investors Exchange based in New York, and the Chicago Stock Exchange (CHX). Since Sunday, those exchanges have averaged under $10 billion in daily trading, Cboe Global Markets reports.
IEX reported stock trading worth $7.8 billion, while CHX logged roughly $3.1 billion in trading volume. By contrast, the New York Stock Exchange and Nasdaq recorded daily volumes above $50 billion over the past five days.
Growing investor interest in crypto assets
Record transaction volumes highlight rising investor interest in cryptocurrency technology. In a client note on October 16, Merrill Lynch at Bank of America estimated a $1.6 billion opportunity for Wall Street from cryptocurrencies. That projection assumed crypto trading volumes would equal about 10% of current fiat currency trading volumes.
Major market operators such as Cboe and CME are exploring investments in this emerging sector. Both have announced plans to introduce investment products based on blockchain technology, positioning themselves to capitalize on growing market demand.