Even a few years back, nobody ever heard of anything called Cryptocurrencies. But now the way things are going, Cryptocurrency trading might soon surpass that of Apple’s or so says Jens Nordvig, founder and CEO of Exante Data. Considering the fact that he is a currency strategist, his predictions should not be taken lightly.
Recently Bitcoin, one of the best known Cryptocurrency has been doing very well despite mild setbacks and price crashes mostly due to China’s crackdown on Cryptocurrencies and negative reactions to Cryptocurrency from JPMorgan Chase CEO Jamie Dimon.
Bitcoin went up fivefold this year but then crashed a bit. It traded at $3524 on Friday which was little lower than usual. There are over 350 different Cryptocurrencies listed by CoinMarketCap, valued at $121 billion in total on Friday. Each of these currencies have a market value of at least $1 million each.
“We do not believe that one can predict with confidence at this point that any given Cryptocurrency will continue to thrive and gain status as an alternative to traditional currencies in the long term,” Nordvig said. “But we look forward to using the information from an increasingly active Cryptocurrency market in our tracking of global capital flows, when appropriate.”
Bitcoin acts as a doorway or a way to access other digital currencies. In the last one year the trading volume between Bitcoin and ethereum, the other premier Cryptocurrency has multiplied nearly eight times. That is huge in terms of trading; this growth can be attributed to greater acceptance of the blockchain technology which is the foundation and the backbone of Cryptocurrency. Cryptocurrency enthusiasts are hopeful that use of Cryptocurrency will increase as people see the advantage of faster transaction times.