According to the latest tweet by Ark Investment Management analyst Yassine Elmandjra, cryptocurrency trading volumes have exceeded the largest public equities markets with more than $16 trillion in funds that are being moved on the market every day.
According to the tweet, FAANG (Facebook, Apple, Amazon, Netflix and Google), annual trading volume stands at $12 trillion, while cryptocurrency exchanges have generated more than $16 trillion transaction volume in the years 2020 and 2021.
In 2021, the crypto market has received an explosive increase in trading volume, with Coinbase's volume in this quarter alone exceeding the entire spot market trading volume for the same quarter last year. Coinbase's Q2, 2021, trading volume stands at $460 billion.
Most likely, the rapid growth of the cryptocurrency market is linked to the 260 percent Bitcoin bullrun that started in October-December of 2020 and concluded in April-May with a 55 percent retrace on the lowest points.
In addition to a large inflow of funds from private investors, institutions like Ark Investment have also joined the cryptocurrency market bullrun with additional investments that may be causing the Bitcoin price increase by an additional 55 percent after testing the $29,000 support zone.