Cryptocurrency exchanger ShapeShift announced today that $3 million USD has been processed within the last 24 hours, which is equivalent to the entire month of January 2016.
What is causing the crypto transaction boom?
One, we just came through the major bitcoin ETF decision, which caused holders to adjust their portfolios and wallets as the prices of leading altcoins got a boost from the SEC, as it decided not to approve.
Blockchain assets such as DASH and Ether have been making new highs and increasing their market capitalizations by the week with recent news of wider adoption.
An Ethereum alliance was formed earlier in the month from leading technology and financial corporates to foster development on the Ethereum blockchain. Further, news of UAE crypto exchange BitOasis adding ETH last month helped boost confidence.
Finally, we have seen new ICOs from innovative blockchain applications release tokens to fundraise, many of which are available for exchange through ShapeShift.
Erik Voorhees, ShapeShift CEO noted the increase in average transaction size, he stated:
“Our average transaction size has risen to about $600 today, while six months ago it was $300.”
Below is a current table of the top 20 cryptocurrencies by market cap: