In the past year, the cryptocurrency industry has made way more success than any other sector in the world. The cryptocurrency industry has managed to gain a lot of progress and adoption in the last year. No matter the success and adoption, the cryptocurrency industry was still not able to achieve what it always aimed to achieve.
For the cryptocurrency industry, the only thing missing was mainstream adoption and recognition. Although the industry was gaining a lot of investments from individual and small-time business investors, yet the industry lacked investments from major financial institutions.
This is when PayPal made its entry in September 2020, and announced that it had inducted major cryptocurrencies into its platform. PayPal not only allowed its users to use cryptocurrencies as payment methods, but it also allowed the users to buy and sell cryptocurrencies.
Once PayPal made the announcement, the cryptocurrency industry found itself in the spotlight. Ever since being adopted by PayPal, Bitcoin (BTC), Ethereum (ETH), and many other cryptocurrencies’ prices have surged.
It was back in September when Bitcoin (BTC) was sitting at $9,800 per BTC and at the time of publishing, it is sitting at $36k per BTC. The same kind of performance and surge was experienced by the rest of the major cryptocurrencies.
After the collaboration, it is only the cryptocurrency industry that has gained a lot of adoption but PayPal has also added to its popularity and adoption.
According to the latest reports, PayPal has managed to double its cryptocurrency trades from the last crypto-trading volumes it had reported. On January 11, 2021, PayPal announced revealed that it has experienced a significant increase in its crypto-trading volume. The figure shared by PayPal yesterday for the crypto-trading volume was $242 million that has doubled since the last time it reported its trading volume.
One of the data aggregators known as Nomics revealed PayPal’s previous highest crypto-trading volume. As per the data aggregator, PayPal’s $242 million crypto-trading volume from yesterday dwarves over its previous highest trading volume that was $129 million.
The $129 million trading volume for the cryptocurrencies was reported by PayPal back in January 1, 2021 to January 6, 2021. The firm has revealed that since January 6, 2021, the daily crypto-trading volume on PayPal has experienced a 950% increase.
With so much daily trading volume coming in and Bitcoin (BTC) gaining so much value to its price, more investors and traders are moving to PayPal. It has been revealed that ever since PayPal announced its collaboration with the cryptocurrency industry, its mainstream adoption and popularity has experienced a significant growth.
It has now been suggested by many analysts that the surge in the crypto-trading volume means that the retailers have now started joining the league.