Exante Data CEO Says Cryptocurrency May Surpass Apple Stock Soon

Published on: 27 Sep, 2017

Digital currency may be the magic formula that investors have been looking for if the CEO at Exante Data is right. Jens Nordvig, founder of Exante has said that while the cryptocurrency trading volume may be just hovering around the $3 billion a day mark now, this situation may change dramatically in the near future. He has predicted that the virtual currency's trading volume will soon exceed that of Apple Inc. (NASDAQ: AAPL) stock, which is believed to be the most liquid stock globally right now.

Daily volumes have improved substantially over recent times

He also went on to point out that the daily trading volume of not just Bitcoin, which is the world's most popular cryptocurrency, but also that of Ethereum have been steadily improving in recent times. In terms of numbers, the trading volumes of both these have improved by eight times over just the last one-year period. Bitcoin has had the upper hand this year for a short period when it improved to five times its value before losing its sheen after China's move to suppress digital currency. However, despite this and other challenges, Bitcoin has managed to show a 260% improvement for the year.

Ethereum's rise was even more dramatic and it showed an awe-inspiring 2500% improvement in trading values this year. However, the digital currency still trades at $256, not quite able to match Bitcoin's range in the market yet.

In sharp contrast to the fortunes of digital currency, the U.S. stocks have not managed to perform well at all, especially in the month of August. During this month, trading volumes fell to their lowest level in three years, show reports.

Cryptocurrency will remain volatile

While indicating that cryptocurrency is all set to surpass Apple stock volumes, Exante CEO Nordvig also pointed out that this does not negate the volatility factor of these currencies in any way. He explained that they will continue to be as volatile as they have always been and this means that confidence that they will someday take the place of traditional currency may be badly misplaced. Especially in the long term, it is impossible to say that cryptocurrencies will gain a permanent and more stable foothold in the market. There has been severe criticism about Bitcoin from Jamie Dimon, CEO of JP Morgan Chase, and this is just a hint of how far the currency will have to go to gain staunch supporters.

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Marco Zhou

Email: Marco@financialinsiders.com

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