$200 Bln Market Cap, $10 Bln Day Trading: How Far Can Crypto ‘Vortex’ Go?
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The trading frenzy following Bitcoin’s push to $7,500 is in full swing with almost $10 bln changing hands in 24 hours.
Data from Coinmarketcap shows a combined $9.2 bln flowing through exchanges tracked by the resource since Thursday.
The global cryptocurrency market cap is now over $200 bln, a new record, with Bitcoin accounting for $125 bln.
Cryptocurrency market finally over 200MM! $Crypto pic.twitter.com/LLQ9Dz8jdL
— Crypto Rand (@crypto_rand) November 3, 2017
The market cap news influenced proponents of the digital currency more strongly, with evangelist Trace Meyer describing it as a one-of-a-kind wealth transfer. He told the audience in a lecture at LaGuardia Community College in New York this week:
“This vortex that’s just going to suck in so much of the world’s capital… it’s going to be a wealth transfer the likes of which humanity has never seen and probably won’t ever see again for a long, long time.”
Commenting on the price and volume growth, instant conversion platform Changelly told Cointelegraph the prospect of the SegWit2x hard fork was the more dominant factor influencing markets.
“We suppose that the possible Bitcoin hard fork is the key reason of the tremendous uptick… In order to get extra coins, investors buy more BTC and exchange so-called altcoins to BTC, causing enormous demand,” CEO Konstantin Gladych said.
“We’ve seen 3x increased demand on buying Bitcoin for the last few days on Changelly.”
Altcoin markets have tumbled with Bitcoin’s rise, many reaching lows not seen for several months, Cointelegraph reported Thursday.