In its first few weeks of existence, Bitcoin Futures Exchange platform, Bakkt was all over the news for its dismal Bitcoin Futures contract volume. However, it appears that the tides are changing as Bakkt managed to record a substantial boom overnight after the exchange hit a new all-time-high for traded contracts yesterday.
Yesterday, on 9th October 2019, the Bitcoin Futures Exchange platform posted some 224 Bitcoin BTC in volume just a day after the platform had some 25 Bitcoin BTC traded on its platform. The 25 Bitcoin BTC volume posted by Bakkt was the all-time platform low it has ever recorded since its inception.
Bakkt platform was introduced to the market about two weeks ago, and it is recording trade volumes below 9 million US dollars. Ever since its inception, the Bitcoin Futures Exchange platform is trading under 1 million US dollars on most days.
In the first week of operation, the Bakkt exchange was believed to be struggling after its trade volume posted low activity in the platform. In the second week of trading. Bakkt saw its volume flatline to about 50 Bitcoin BTC a day, prompting the crypto market to wonder whether the so-called institutional investors for the number one crypto, Bitcoin, really existed at all.
Alongside Bitcoin’s Price Surge, Bakkt’s Trade Volume Surges
After days of low trade volume, the Bitcoin Futures Exchange platform, Bakkt, seems to be finally showing a progressive increase hitting its highest trading volume since its inception. After having a slow start on 9th October 2019, the Bitcoin Futures Exchange platform managed to record an impressive 224 Bitcoin BTC contracts traded.
It means Average Daily Volume but it was employed incorrectly here – it should simply read "$1.8mln of daily volume".
— skew (@skew_markets) October 10, 2019
Earlier yesterday, Bakkt futures trade activities managed to hit the 1.83 million US dollar mark, a significant peak that shows the Bitcoin Futures Exchange platform has a future in the crypto market.
According to some crypto pundits, the sudden peak is attributed to Bitcoin’s price recovery that was realized yesterday, pushing the market value of the leading crypto asset to about 8,600 US dollars. Since the market witnessed the price recovery of Bitcoin, Bakkt trading activity skyrocketed from the slumber to post about 20 billion US dollars in the last 24-hours.
According to an avid crypto analyst, Larry Cermak:
“Bakkt’s trading volume managed to reach a new daily high on 9th October 2019 with 1.93 million US dollars. However, the total trade volume is still short of the 9 million US dollar mark.”
Bitcoin Upward Price Momentum
After weeks of price decline and sideways trading, the most popular crypto asset, Bitcoin seems to be finally making notable progress, surging to about 8,600 US dollars in a matter of hours. The latest bitcoin price surge marks BTC’s three-week high as trade volumes across the crypto market also surge significantly.
According to information available on our desk, the bullish momentum, along with the plunging wedge’s breakout a few days ago, is not lousy tiding for Bitcoin’s price. However, Bitcoin’s current situation is interesting to follow to see whether the crypto asset will manage to bypass the upcoming resistance line at the 200MA.
It is essential to say that Bitcoin’s dominance in the crypto market has been on the decline the past couple of weeks, threatening the well being of the entire crypto market. Despite the lousy tiding for the number one crypto asset, a few altcoins have been taking advantage of Bitcoin’s dismal performance recording impressive gains.
Binance Coin BNB, Ether ETH, and Ripple (XRP) all made impressive strides against the US dollar and Bitcoin. From the look of things, it seems that the market trend that was witnessed in the second half of 2019, where altcoins suffered from Bitcoin’s dismal performance, is something that is changing.
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.