The last 24 hours have been a rollercoaster ride for cryptocurrency markets. Bitcoin saw its largest single-day dip in dollar terms in history.
In the aftermath of this shakeup, SushiSwap, a decentralized exchange on Ethereum, and PayPal’s cryptocurrency exchange both saw record-high trading volume on their respective platforms.
This seems to indicate additional investor interest in the sector even amid such massive volatility.
PayPal and SushiSwap Rake in Volume
Within the last day, SushiSwap recorded almost $700 million in daily volume, a significant uptick compared to its previous all-time high of around $600 million a few days earlier.
To put this in perspective, that would put SushiSwap above Binance and just below Gemini in transaction volume if comparing it with centralized exchanges.
What might even be more noteworthy is the major increase in trading volume seen on PayPal’s cryptocurrency exchange. The platform made a recent implementation allowing PayPal users to buy, sell, and store cryptocurrencies.
PayPal conducted almost $250 million in cryptocurrency transactions, nearly doubling its previously held record of around $125 million in cleared transactions.
A Resilient Asset Class
With such high volatility mixed with record-breaking volume levels across cryptocurrency exchanges, it’s evident that there has been an influx of speculators willing to test the market.
This increased growth is an extremely healthy sign for the cryptocurrency industry, especially as assets surpass or approach their previously held all-time high prices. This continued interest, attention, and investment in the space at these price levels indicates confidence in the asset class by a growing number of investors.
Although there is no doubting the role that institutional investors like MicroStrategy and Mass Mutual played in this bull run, these new volume numbers indicate broad increased interest by the retail investors.
The fact that these levels of volume were seen as Bitcoin and Ethereum bounce back from 20+ percent daily price drops shows the continued strength and resilience of these cryptocurrencies and the confidence investors have in them.
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