Binance, the world’s largest cryptocurrency, has received another boost to its workings as new reports have revealed that the exchange just had record transactions today. According to the analysis conducted by Skew, the Changpeng Zhao led company recorded a new peak for its BTCUSDT futures product, clocking $700 million in trades on the 15th of October.
A more in-depth analysis showed that since the start of the last week of September, the asset has been performing much higher than expected. Prior to the 23rd of September, Binance saw BTCUSDT futures trade in the median of $200 million and $350 million.
Since the 23rd, however, the value of the trades has held near the $400 million mark and even breached the $600 million thresholds a couple of times. The $700 million trade was preceded by trades that amounted to $500 million and $350 million with some members of the community predicting that the current record is just the beginning. Firelakeco, an avid cryptocurrency follower, tweeted:
“Follow the median and you can see this growth is going to go parabolic.”
Binance’s performance has ensured that it holds its rankings in the upper echelons of the cryptocurrency world. With the recent trade, Binance had the third-largest trade when it came to the BTCUSD futures, while Huobi and Bitmex held the first and second positions, respectively. Compared to those figures, Bakkt, which was touted to be the next big thing in the exchange world, only managed to secure trades worth BTC on its platform.
Binance’s stellar performance comes during a week when the market has been stuck in a price slump. The situation was also called out by eToro official Mati Greenspan, who had tweeted:
“On the top 10 exchanges, bitcoin has traded less than $200 million. This is from data compiled by @MessariCrypto. During the peak a few months back, this number easily reached $4 billion.”
He also added:
“Looking at the bitcoin blockchain itself, we can see a huge drop in transactional volume. Worth noting that the rate has stayed steady at about 320k transactions per day, but the amount of money being sent is the lowest since May, below $800 million.”
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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