Global crypto trading volume is at a 10 months high
According to Coinmarketcap, the total trading volume of cryptocurrency has reached a 300-day high and totaled at $33.85 billion, which is the highest number during almost the past 10 months.
The record trading volume was comprised from the top 10 largest cryptocurrencies, with Bitcoin (BTC) and Tether (USDT) recording 24-hour trade volumes above $9 million. Each of them has accounted for 27 percent of the overall market surge.
Notably, the market didn’t simply ‘jumped up.’ In fact, its value has increased roughly by 12 percent within the last seven days, which shows a significant growth of investors’ interest. A lot of analysts also connect the surge with the recent growth of the institutional involvement in the cryptomarket, which is impossible to deny. Earlier this week, JPMorgan officially introduced their own cryptocurrency, JPM Coin. Additionally to that, the major U.S. investment management firm, Cambridge Associates, has publicly endorsed crypto and advised all major funds worldwide, which manage $300 billion or more in clients’ assets, to allocate a portion of those funds to cryptocurrencies.
“Despite the challenges, we believe that it is worthwhile for investors to begin exploring this area today with an eye toward the long term. Though these investments entail a high degree of risk, some may very well upend the digital world,”
Cambridge Associates stated.
Lastly, another big U.S.-based investment company, Morgan Creek Capital Management, has founded a separate fund, called Morgan Creek Digital, and focused it specifically on cryptocurrency investments.
At press time, Bitcoin (BTC) is trading at around $4,000. Despite the solid greens we’ve seen this week for the first time in almost 10 months, this is still only a fraction of the biggest trading value in the history of cryptocurrency, which was recorded on January 4, 2018, with the market cap at $68 million. Institutional involvement is a path in the right direction, we’ll continue following the updates – check back for the most recent news and developments.