Increase in the Number of Cryptocurrencies on Stock Exchanges
2019 stands out as the year when big changes took place for cryptocurrencies and everything fell into place. With Bitcoin being more available, cryptocurrencies attracted the mainstream. With these developments, Bitcoin managed to reach the highest level of the year, $14,000.
The number of cryptocurrencies held in crypto exchanges is increasing day by day
Throughout 2019, there was a significant increase in the amount of BTC in cryptocurrency exchanges. Part of this increase is due to counterfeit cryptocurrency volumes. However, when we look at the increase in the volumes of crypto exchanges such as Binance, Coinbase Pro, Poloniex and Kraken, it is a clear fact that Bitcoin is acutely entering into crypto exchanges.
Although a lot of crypto exchanges were hacked in 2019, people still seem to rely on some crypto exchanges. According to a report published by Chainanalys, there was a serious increase in the amount of cryptocurrency deposited in cryptocurrency exchanges and held in stock market wallets. At certain times of the year, serious amounts of BTC withdrawals are made from exchanges such as BitMEX. However, it cannot be said that these transactions have a great impact on the cryptocurrency market.
Due to the steady rise of Bitcoin, more cryptocurrencies are expected to take their place in crypto exchanges.
Institutional investors have a great interest
It can be said that there was an increase in the interest of institutional investors in Bitcoin in 2019. According to the data released by Grayscale, in 2019, $607 million of funds were collected from corporate investors in the meeting. This figure indicates that there has been an increase of 38% since 2018.
Speaking at a conference in Switzerland, Grayscale’s authority, Michael Sonnenshein, said the following:
“During 2019, 71% of the investment in Grayscale products came from institutional investors. We believe that this trend is now part of a longer term transaction, that is, growth will continue in 2020 as well. ”
When we look at the investing platform of the company, we see that there are world-famous companies. Global companies such as Netflix, Amazon, Apple, Tesla and Microsoft are investing in cryptocurrencies through Grayscale.
According to analysts, 2019 was the year when cryptocurrencies ripened, as the volume in crypto exchanges increased and institutional investors invested in assets like Bitcoin.
Investment information, comments and recommendations contained herein are not included in the scope of investment advisory. Therefore, making an investment decision based solely on the information and comments contained herein may not produce results that are in line with your expectations.