Analysts: Cryptocurrency Interest Remains High, Exchange Revenues are Evidence

Despite falling prices of cryptocurrencies like Bitcoin and Ether, a few market analysts believe 2018's extended bear market is a mere price correction, and so-called Bitcoin "Obituary" reports are "Greatly exaggerated."

According to a report on Bloomberg, Sanford C. Bernstein & Co. analysts pointed out the massive revenues of cryptocurrency exchanges in 2018 - comparing it to the faulty public sentiment of cryptocurrencies losing their sheen.

The analysts noted the $4 billion profits posted by prominent digital asset exchanges indicate a lively trading market - evidence by $1.8 billion in Bitcoin trading fees alone recorded by crypto-bourses.

Only the traditional equity market surpassed such revenue figures.

Infographic research displayed cryptocurrencies' remain a drop in the ocean of traditional finance.

Daily traded volume for all digital assets is an average of $17 billion, against the U.S. equity markets' $207 billion.

To put this in perspective, the total market cap of all cryptocurrencies is a mere $219 billion - lesser than the daily traded volume of the European equity market.

As reported by CryptoSlate, Wall Street behemoths are all looking to get their share of the cryptocurrency pie - despite regulation pressure and the notorious volatility of the digital asset class.

The fees allows them to earn profits from the cryptocurrency market with zero exposure.

Berstein pointed out San Francisco-based Coinbase may end up with an "Unassailable competitive position" unless competition from traditional markets increases.