Most people are have heard of the concept of the stock market as a see-saw. It goes up and down over time. However, the predictability of the stock market is relatively stable compared to a lot of other things in life. Therefore, it is shocking and surprising to see just how much some of the world’s leading crypto-currencies moved over the weekend.
Currencies Crash, Currencies Gain
The crypto-currency market had its highest levels of trading volume in the history of the trading mechanism. In other words, more traders were trading greater amounts of the currency over the weekend than they ever have before. This in turn led to wild movements in valuation for these currencies.
This article from Business Insider explains that not all of the currencies moved in tandem. They say that while Bitcoin (the leading crypto in the world) fell by about 25% from its all-time high, a competitor named Bitcoin Cash went to its all-time high of $2,500 per coin.
These types of movements are not often seen in any kind of market, and they are not common to the crypto-currency markets either. Traders were left either very happy with their returns over the weekend, or looking at their empty pockets in dismay.
More Important Than The Stock Market?
Large banks and hedge funds could laugh off crypto-currencies when they first made their entrance on the scene. They were viewed as a mere distraction in the market, not something to give serious contemplation to. Times have very much changed on this count though. Now, every is taking notice.
The type of volume produced over the weekend on the crypto-currency markets eclipsed that of some United States stock market exchanges. The record high volume reached around $26 billion over the weekend. That is roughly half the size of the amount traded over the NYSE and Nasdaq, but it was more than enough to be larger than a lot of the smaller exchanges in the United States.
Still Frowned Upon By Some
There are some who still shake their head in disgust at Bitcoin and others. Some big Wall Street names such as Jamie Dimon have said that the currency is nothing more than a useful tool for drug dealers and other criminals. They see the amount of volume and growth in valuation of the currency as a sign that they are right on this point.