ARK Invest: Cryptocurrencies Now Trade More Volume Than FAANG Stocks

What Happened: Cryptocurrencies now trade more volume than the largest public equities in the world, according to research from ARK Investment Management.

Cryptocurrencies now trade more volume than the largest public equities in the world.

Cryptocurrency exchange volume is on pace to reach $16 tr this yr, up more than 8-fold from last year

For perspective, FAANG stocks are on pace to reach only $12 tr of trading volume this year pic.twitter.com/jUQxdT2zIW

— Yassine Elmandjra (@yassineARK) August 10, 2021

Yassine Elmandjra, a crypto analyst at ARK Invest, revealed that crypto exchange volume is approaching $16 trillion and is already more than eight times what it was for the entirety of last year.

This significant amount of trading volume even outpaces the volumes observed in some of the largest tech stocks – Facebook Inc FB, Amazon.com Inc AMZN, Apple Inc AAPL, Netflix Inc NFLX, and Alphabet Inc Class A GOOGL.

“Cryptocurrency exchange volume this year has been explosive,” said Elmandjra, highlighting that so far, FAANG stocks are only on pace to reach $12 trillion in trading volume.

Another remarkable statistic that showcases this explosive growth is the massive increase in crypto trading volume observed on Coinbase Global Inc COIN alone.

“Coinbase’s trading volume this quarter alone is almost twice that of the entire spot market trading volume in the same quarter last year,” said Elmandjra.

The leading U.S.-based crypto exchange reported a trading volume in excess of $460 billion for Q2 2021, representing a 1550% increase from the 28 billion it reported during the same period last year.

Interestingly, institutions are now responsible for the majority of this trading volume. In Q2 2020, institutions accounted for $17 billion in trading volume, whereas, in Q2 this year, institutional trading volume was $317 billion.

Price Action: The overall crypto market cap increased 3.44% over the past 24-hours to $1.92 trillion.

At press time, Bitcoin BTC/USD was trading at $45,732, gaining 0.59% over the past day, while Ethereum ETH/USD traded at $3,176, rising by 0.84% over the same period.

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