The Bulls Are Here: Binance Trading Volume Surpassed $12 Billion On Wednesday, A New All-Time High
Binance exchange had seen an all-time high in daily trading volume of more than $12 billion exchanged over the past 24 hours as of April 29th, 2020. The last time the exchange had seen volume at the current levels was in January 2018.
According to Changpeng Zhao (CZ), the CEO of Binance, the last time the daily volume spiked over $11 billion was during January 2018, which was the peak of the famous 2017 crypto bubble.
As per the data from CoinMarketCap, Binance saw over $12 billion of daily trading volume. The number consists of all trading products Binance offers, led by Binance Futures, that recorded over $9 Billion of volume in the past 24-hours.
This past day, Wednesday had seen Bitcoin gain about $1,300 in terms of price, starting the trading day at $7,700 and reaching $9,000 on some exchanges in the past few hours.
Derivatives In The Lead
Binance’s leading traded asset as of today, the BTC/USDT perpetual swap contract, saw a massive volume of over $7 billion alone. The trading pair is currently up 14% on the daily, carrying a $227 million open interest.
The second most traded pair is the BTC/USDT spot, with an estimated daily volume of $1.6 billion. The spot trading pair is followed by the ETH/USDT derivative, which saw a daily 10%, contributing $780 million of trading volume during the past 24 hours.
Binance for most of April has seen a range of trading volume between $2M and $5M per 24H period, making the sudden increase in volume an unexpected spike, following the huge Bitcoin price increase towards $9K.
With only 12 days to the Bitcoin halving event, the price trend seems to be bullish, judging by the past week and today’s volume record.
The recent price gains come on the heels of recent market turmoil. Bitcoin has been a volatile asset as of late with Bitcoin seeing its worst day on March 12, 2020, with a 50% intra-day loss to as low as $3,600 on BitMEX.
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