In the past few years, many people speculated that digital currency will be taking over the Foreign Exchange market. This has come to fruition and it is now being disclosed that the cryptocurrency market is a match for the New York Stock Exchange. A business day in the stock exchange generates an average volume of about $41 billion dollars. The digital currency market has generated the same amount of volume and is frequently surpassing $30 billion dollars. It is very possible that the cryptocurrency market will beat its own record and set out to reach outrageous turnovers.
Wall Street has finished their week, following Xmas long weekend, in somewhat of a slump. Usually giant hedge funds account their profits towards the end of the year, because it looks polished on their reports. Apple’s stocks plunged to 2.5%, after surging to 53% in prices per share this year. This is quite normal, however it does account for somewhat of a loss. On the other hand, some commodities have been flourishing in the market, since the holiday season. Gold and oil have seen substantial gains within the recent few days. People have examined that the cause may be a burst in Libyan oil pipelines.
All in all, we are looking forward to see the takeover of this new and volatile digital currency market, and how this can impact traditional markets that have been on the scene for many years.