Strategist Predicts Bitcoin and Digital Currency Trading Volume Will “Soon Surpass” Apple’s

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Digital currency trading is exploding and daily volume could “soon” surpass that of Apple, according to a strategist closely followed by hedge funds.

“Cryptocurrency trading volume is now above $3 billion a day on average and will likely soon exceed that of the most liquid stock in the world: Apple ($4 billion a day),” Jens said. Nordvig, founder and CEO of Exante Data, in a note Friday.

Nordvig said the global daily trading volume between the two largest digital currencies, bitcoin and ethereum, in traditional currencies multiplied by eight over the past year.

Bitcoin has surged this year, quintupling briefly before plummeting amid a Chinese crackdown on digital currencies and criticism from JPMorgan Chase CEO Jamie Dimon this month. Bitcoin traded slightly lower near $3,524 midday Friday, but is still up around 260% for the year, according to CoinDesk.

Many digital currency enthusiasts have noted that bitcoin is a way for new investors to access the growing number of digital currencies. Industry website CoinMarketCap lists over 350 cryptocurrencies with a market value of over $1 million each.

The total market value of all digital currencies was $121 billion on Friday, according to CoinMarketCap.

Bitcoin price since the beginning of the year

Source: CoinDesk

Ethereum was trading slightly lower near $256, but was still more than 2,500% higher for the year, according to CoinDesk.

As digital currency trading volume took off, average daily trading volume in US equities fell in August to its lowest level in three years, according to market researcher Tabb Group.

That said, Nordvig remains cautious on the often volatile digital currencies.

“We don’t think it can be confidently predicted at this point that any given cryptocurrency will continue to thrive and gain status as an alternative to traditional currencies over the long term,” Nordvig said. “But we look forward to using insights from an increasingly active cryptocurrency market in our tracking of global capital flows, as appropriate.”

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