Binance Hits $80 Billion in Daily Trading Value

  • The Exchange hits an all-time high of daily trading value $80Bn since its launch in 2017
  • Changpeng Zhao, CEO of Binance highlights the scaling problem encountered by the Exchange and ensures to resolve them as soon as possible
  • Binance receives $57Bn from derivatives platform and $23Bn from spot trading market

The crypto market has seen a significant emergence for the past two months. The upsurge has brought a pink sky forย Crypto Exchangesย as they have benefitted immensely from the situation.ย 

Binance, the world’s largest crypto trading platform by volume, crushes the world records to new highs because of an ongoing crypto rally.

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According to a tweet by Changpeng Zhao, CEO of Binance, it has marked an all-time high of $80 Bn in 24-hour trading activity. It is a prime time when binance has hit such crazy numbers since its launch in 2017. 

Binance Exchange encounters few scaling problems

Zhao is popularly known as CZ in the crypto ecosystem. He compared the current trading volume with the 2017 Exchange’s trading volume. 2017 was marked as a record-breaking bull cycle. Further, CZ mentioned the trading volume to be 4x of the volume generated between November 15, 2018 to December 15, 2018 to be $20 Billion. 

Such an enormous trading volume has created scaling problems for Binance. But CZ ensured to fix them within the time frame and applauded the patience of the investors.

Derivatives Platform and Spot on Market Contributions

Binance received $57 Billion from the derivatives platform and remaining $23 Billion from its spot trading market. The Exchange is dealing with numerous transactions being the largest crypto trading platform in the world. 

XRP exhibits a dip

Binance news comes out as Bitcoin (BTC) hit an all-time high of $34,000, but it soon dropped to $30,000 on January 4. Though BTC encountered a 12% drop, still it manages to surge back at $32,264 on Tuesday. Binance CEO of the United States, Catherine Coleyprophesied BTC to hit $75,000 to $100,000 by the end of 2021! 

Ethereum is rushing towards a four-figure trading price for the first time since January 2018. While writing the article, ETH is priced at $1113. Whereas, XRP is the only exception as it continuously surges down due to the SEC Lawsuit. 

In no doubt, the exchanges have benefitted immensely from the market surge. Still, the question remains same ‘until when?’

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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