Since the beginning of this year, amidst the pandemic outbreak, the crypto market’s trading volumes significantly increased. Not only that, recent report from The Block indicates that these are getting closer to the NYSE’s volumes.
The report suggests that this month’s trading volumes on crypto exchanges surged to a record level to a staggering $1.26 trillion from $1.17 last month. Market experts suggest that the increase in digital assets’ prices helped trigger the greater volumes of trade. The trading volumes in the digital assets market are a much higher percentage of a larger equity market, the data presented by the publication suggested.
The world’s largest equity market accounts for almost twenty to twenty-five percent of the US equity trade. In March this year, the NYSE, which operates a total of five exchanges, clocked a whopping $3.33 trillion as compared to crypto’s $1.17 trillion.
Yet, in March, Binance, the biggest digital asset exchange in terms of trading volumes, equaled twenty-three percent of New York Stock Exchange trading volumes across all five exchanges. Meanwhile, the crypto experts are calling it key evidence suggesting that the big digital assets market is growing compared to legacy finance.
The head of a crypto-related technology firm, David Weisberger, said that the data presented high percentages and added, “it shows how much turn-over there is,” Weisberger said. “From a trading perspective, there is much more velocity, meaning much more trading, than in other assets.”