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

Why Healthcare and Smart City Apps Drive 5G IoT

Fifth-generation (5G) wireless technology for cellular networks is a successor to fourth-generation (4G) wireless technology. By 2023, Juniper Research anticipates that there will be over 1 billion 5G connections globally. The technology will provide the data infrastructure for the advancement of wireless communications and for new developments in the Internet of Things (IoT) -- including smart cities and healthcare. 5G IoT Market Development According to the latest worldwide market study by Juniper Research, 5G IoT connections will reach 116 million globally by 2026 -- that's increasing from just 17 million connections in 2023. Juniper analysts predict that the healthcare sector applications and government or other smart city services will drive this outstanding 1,100 percent growth over the next three years. Juniper examined 5G adoption across key industry sectors -- such as the automotive, mobile broadband, and smart homes -- and forecasts healthcare and smart cities will accoun

How Savvy Leaders Re-Imagine Work in 2023

As we look to the year ahead, there will be significant challenges and opportunities facing the Chief Human Resource Officer (CHRO) role. In order to be successful, savvy HR leaders must be prepared to take proactive steps that adapt and evolve. "HR leaders have faced an increasingly unpredictable environment amid many organizations mandating a return to office, permanently higher turnover and burnt out employees," said Emily Rose McRae, senior director at Gartner . HR Innovation Market Development One of Gartner's key predictions for 2023 is that the use of artificial intelligence (AI) and automation will continue to increase within the enlightened digital workplace. This transition will require HR leaders to develop new skills and competencies in order to effectively manage and lead teams that are increasingly relying on these enabling technologies. Additionally, HR leaders will need to ensure that their organizations are investing in the necessary infrastructure and re

Top 10 CFO Priorities Require Rethinking Finance

The Chief Financial Officer (CFO) role is essential to digital business growth. While CFOs do not get closely involved in the tactical details of the digital transformation of their functions, they still recognize its strategic importance. According to the latest survey by Gartner, CFOs are faced with the challenge of balancing the need for substantive digital business innovation with financial cost control and risk management. "CFOs will be stretched thinly across many activities in 2023. The survey revealed a wide range of actions CFOs plan to either lead or be significantly involved with," said Marko Horvat, vice president at Gartner. Survey Findings: The Top Ten Priorities Cost Optimization - Cost reduction remains the top priority for CFOs as they look for ways to cut costs and improve efficiency in their operations. This includes identifying cost-saving opportunities through automation, outsourcing, and business process improvement. Business Continuity - The global C