The cryptocurrency market has received a boost in terms of value and market cap, with many attributing it to the surge in Bitcoin’s [BTC] prices. The world’s largest cryptocurrency was holding near the $8000 mark, with a total market cap of $140.11 billion, at press time.
Bitcoin’s relevance and repercussions were shown in a different light after Kevin Rooke, a Bitcoin enthusiast, compared the daily volumes settled using Bitcoin, with other traditional methods of transactions. Rooke claimed that Bitcoin settles more than $6 billion worth of transactions on a daily basis, a fantastic achievement for a virtual asset that is just over a decade old.
According to his analysis, Visa processes $30.3 billion worth of transactions, while MasterCard witnessed a daily transaction volume of $16.2 billion. Even though Bitcoin was third on the list, it was still ahead of market standards like American Express, which only had half of Bitcoin’s portfolio at $3.2 billion.
Another important takeaway from the analysis was that other cryptocurrency-focused companies were also entering the race to grab more market share. An example of this transition was the entry of the Jack Dorsey-led Square in the list, seeing a whopping $200 million being carried out in the form of transactions on the platform.
Many users interested in the space provided their own perspective to Rooke’s observation, with James Edwards, a cryptocurrency enthusiast, commenting,
“We’ve been here before. You’re well aware that these aren’t true transactions (ie, exchange for services rendered) but are exchange transactions, wallets moving etc. We’re all on the same team here, so why pander falsities?”
To this, Rooke replied,
“These are on-chain transactions. Exchange volume is not considered here.”
Bitcoin has received a lot of positive affirmation recently, with the latest person to praise the world’s largest cryptocurrency being Mark Yusko, CEO of Morgan Creek Digital Capital. He claimed,
“Morgan Creek had launched the cryptocurrency challenge back in December and there were not many takers. In a way that was good because BTC is up by more than a 100 percent right now, which is a much better hit rate than that of the S&P market. We will see that in the next 10 years, Bitcoin will outstrip even its current performance and maybe even more.”
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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.