Amid the recovery of the crypto market after the fall, trading volumes on some exchanges have grown sharply.
PayPal and SushiSwap Volumes Reach Record.
This could indicate an increase in retail investor interest in the crypto industry..
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The last 24 hours have been hectic for the crypto markets. The intraday fall of bitcoin in dollar terms became the maximum in its entire history.
Amid this shake-up, the decentralized exchange SushiSwap and the cryptocurrency exchange behind payment giant PayPal have seen record trading volumes on their platforms..
This suggests that moments of increased volatility only attract even more players to the crypto market..
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Exploding volumes on PayPal and SushiSwap
Over the past 24 hours, the trading volume on SushiSwap soared to almost $ 700 million. This result surpassed the previous all-time high, which was reached just a few days earlier and to $ 600 million..
Record day for @SushiSwap.
Nearly $ 700M in volumes. pic.twitter.com/hyJlMfcASI
– Steven (@Dogetoshi) January 12, 2021
If we compare these numbers with centralized exchanges, then SushiSwap’s daily turnover exceeded that of Binance US and just fell short of Gemini..
Perhaps even more notable is the similar situation with the growth of trading volumes on the crypto exchange, which is behind all cryptocurrency transactions of the payment giant PayPal. The total daily size of cryptocurrency transactions on this platform has reached almost $ 250 million, almost doubling from the previous record high of $ 125 million..
Retail has arrived. @PayPal cleared $ 242M in crypto sales yesterday. That’s nearly double the previous record. #Bitcoin #Ethereum #BullMarket pic.twitter.com/dnoPlADhla
– Alex Saunders (@AlexSaundersAU) January 12, 2021
As commentators optimistically noted, such dynamics indicate that retail investors have come to the crypto market..
Resilient asset class
This combination of high volatility and a record surge in trading volumes on various exchanges demonstrates that the crypto space is now experiencing an influx of speculators eager to test this market..
The potential growth in trading volumes can be considered a very positive signal for the crypto industry, especially against the background of the renewal of previous all-time highs. Such sustained interest, attention and investment in the crypto market at current price levels testifies to the confidence of an increasing number of investors in this asset class..
Of course, one of the factors that positively influenced public opinion was the change in attitudes towards cryptocurrencies on the part of large players and institutional investors. As the BeInCrypto editorial staff said earlier, in the last months of 2020, cryptocurrency was purchased many famous companies, including MicroStrategy and Grayscale.
Perhaps another significant moment was the time of record growth in trade volumes of PayPal and SushiSwap. It happened against the backdrop of a rebound in price after a massive intraday collapse of the bitcoin rate by 20 +%. It also points to the resilience of cryptocurrencies and the continued investor confidence in them..
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