Binance, one of the largest crypto exchanges in the market, has registered a new trading volume record. In the last 24 hours, the company handled more than $37 billion in cryptocurrencies. This comes after Bitcoin (BTC) and other virtual currencies are surging and getting closer to their all-time highs.
Binance Trading Volume Surges
As the interest for virtual currencies continues to grow, Binance trading volume follows. CoinMarketCap shows that Binance remains as a leading cryptocurrency exchange in the world. It seems that traders are very interested in purchasing altcoins such as XRP, Ethereum (ETH), or Litecoin (LTC), among others.
CoinMarketCap shows that the most traded pairs were BTC/USDT, XRP/USDT, ETH/USDT, XRP/BTC and XLM/USDT in the spot exchange. In terms of derivatives, BTC/USDT, XRP/USDT and ETH/USDT were the trading pairs with the highest volume. Indeed, these last three derivatives trading pairs represented almost 50% of the total trading volume of the exchange.
According to data provided by Glassnode, Bitcoin futures open interest on Binance has also hit an all-time high of $1.17 billion.
— glassnode (@glassnode) November 24, 2020
As we mentioned before, this surge experienced by trading volumes on the Binance platform is related to the expansion of the cryptocurrency market. Several cryptocurrencies continue to expand and reach new highs in the last months.
For example, XRP has reached a price per coin of $0.71 a few hours ago. At the same time, Ethereum skyrocketed to $610. Litecoin, instead, surpassed $90 after a long bear market below that level. Bitcoin continues to show strength as it remains close to $19,000.
Although Binance is showing very positive results, Coinbase decided to suspend its Margin Trading platform starting on November 25. The company claims that regulations implemented by the Commodity Futures Trading Commission (CFTC) have affected the company’s ability to offer this solution to users.
In this way, Coinbase customers will not be able to place new margin trades and the limit orders will be now cancelled. Once existing positions expire, the margin solution will cease to operate. This shows that not all the exchanges are in the same situation as Binance. This is despite the fact Coinbase has also experienced an increase in trading volumes in the last few days.
As the market waits for new Bitcoin highs, Binance shows it is ready to offer the solutions users are searching for.