- The average daily trading volume on the ASX is just 12% of the average daily trading volume of Bitcoin.
- The world?s largest cryptocurrency, Bitcoin, has a market cap over US$1 trillion.
- Tether has the largest average daily trading volume of US$80.53 billion.
There?s no secret about the increasing popularity of cryptocurrencies, from both corporations and retail investors around the world, but just HOW popular is this new wave of digital currency?
In one day, the average trading volume of the world?s largest cryptocurrency, Bitcoin, is about US$36.04 billion. In contrast, the average daily trading volume for the whole of the Australian Securities Exchange (ASX) was A$6.2 billion (US$4.51 billion) in October - or just 12% of the average Bitcoin daily trading volume.
In terms of the market capitalisation (the value of a public company / cryptocurrency), the world?s largest cryptocurrency blows the largest listed company in Australia out of the water.
Bitcoin?s market cap currently sits at US$1.1 trillion, while the market cap of the ASX?s largest listed company, the Commonwealth Bank, is around US$121.30 billion (A$166.82 billion).
The enormity of cryptocurrency trading volume is leaps and bounds above the traditional stocks trading in Australia for a few reasons including high accessibility across a number of crypto-exchange platforms, the simplicity of transacting crypto and a surge in the number of active daily traders trying their luck on the digital currency market.