Skip to main content

Cryptocurrency Daily Trading Now Exceeds $2 Billion

Much of the initial interest in cryptocurrencies centered around their potential as alternatives to fiat currencies. Increasingly, however, attention has shifted to the potential of the technology that underpins them: blockchain.

A clear indication of blockchain’s increasing maturity is the extent to which an industry that was once the preserve of fintech start-ups is now being driven by leading IT platform providers -- many of whom are developing their own offerings.

Blockchain Market Development

A number have been involved in joint ventures and consortia while at the same time developing their own solutions. For example, IBM unveiled Blockchain as a Service (BaaS) for developers in February 2016 based on Hyperledger Fabric -- one of the Hyperledger blockchain framework implementations hosted by The Linux Foundation.

A new worldwide market study by Juniper Research has found that the value of cryptocurrency transactions is expected to surpass $1 trillion in 2017 -- that's more than 15 times the level in 2016.

The new findings uncovered that transaction values in the first half of 2017 surpassed $325 billion, driven by the dramatic increase in Ethereum’s price which saw it account for two-thirds of cryptocurrency transaction values in that time.


Cryptocurrency is now typically seeing daily trades well in excess of $2 billion. Meanwhile, the new research found that Litecoin experienced a surge in volume and value -- if current levels are maintained it should exceed $100 billion in transactions this year.

Bitcoin has continued its recent rise in value in the wake of the currency’s hard fork on 1st August, which resulted in the creation of a new currency, Bitcoin Cash.

Since the start of 2017, Bitcoin prices have risen from around $1,000 to more than $4,000. However, the Juniper analysts cautioned that a second planned fork in November, when the SegWit2x scaling solution is due to be implemented, may prompt a split in the community, potentially leading to depreciation.

Outlook for Private Blockchain Apps

"There is no resolution in sight to the continuing and fundamental disagreements between many Bitcoin miners and Bitcoin Core developers over the future of the cryptocurrency. This in turn could lead to uncertainty about Bitcoin’s future and downward pressure on its valuation," said Dr Windsor Holden, head of forecasting & consultancy at Juniper Research.

The research findings, which also focused on new use cases for blockchain, highlighted that the brightest prospects in the financial services sector came from deployments of private blockchain technologies for permissioned ledgers, rather than the public chains running cryptocurrencies.

Popular posts from this blog

How Data and Analytics Drive Business Growth

Senior executives in the world’s largest and most complex organizations will develop the insights required to achieve lasting Digital Transformation. Gartner has identified a model for digital business growth that binds together data, analytics, technology, and forward-looking transformation capabilities. The Gartner Research Board said that data and analytics (D&A) leaders are uniquely positioned to drive this strategic organizational change that will make their companies behave like 'digital native' leaders.  "The most advanced and successful D&A leaders are driving new opportunities to use digital capabilities – often data and analytics products – to capture value. Those opportunities should directly connect to the business priorities," said Mario Faria, vice president at Gartner . Digital Business Market Development At the same time, some leaders are using digital and D&A to create whole new business models. These leaders – which Gartner named the CxO

Anywhere, Anytime Workplace Demand for SASE

The ongoing adoption of flexible working models within the enterprise market has significant implications for typical IT organizations that must now support knowledge workers and front-line employees that operate outside the corporate network perimeter. The global COVID-19 pandemic created IT networking and security challenges. The expansion of the distributed workforce, an increasing reliance on cloud computing infrastructure, and the requirement to securely connect online employees -- wherever they choose to work, at any given moment in time. Legacy IT solutions that have rigid network underlays and a requirement for on-premises infrastructure cannot adequately deal with these trends. This 'Anywhere, Anytime Workplace' led to demand for new Secure Access Service Edge (SASE) solutions, with networking and security delivered as-a-service. Anywhere, Anytime Workplace Market Development   Although converging networking and security capabilities offer enterprises a promising solut

The Metaverse Raised Virtual Reality Interest

After years of slow growth and limited use cases, the Virtual Reality (VR) market is now forecast to grow significantly over the next five years. Consumer interest in VR games and media continues to grow after the COVID-19 pandemic accelerated activity. At the same time, the need for employee enablement and immersive content within the enterprise environment remains strong. According to the latest market study by ABI Research, over 90 million Head Mounted Display (HMD) shipments in 2027 will drive total VR market revenues to reach over $95 billion across hardware, software, and services. Virtual Reality Market Development "The virtual reality market is no stranger to false starts, with identifiable efforts in VR dating back to the 1980s and 1990s. While the technology never found purchase results, the increased capability of VR hardware combined with the demand for immersive content in numerous markets, presents a significant opportunity," says Eric Abbruzzese, research direc