Users executed most of the exchanges through top tier platforms like Binance and Okex.
According to a report that CryptoCompare presented, one of the largest bitcoin exchange volumes in history took place on April 30th. The numbers indicate that the operations conducted accumulated an approximate of 66.2 billion dollars.
The platform managed to record this figure and reflected it in its monthly exchange report. Although this figure does not manage to be the highest recorded to date, it becomes one of the most outstanding in history. The figure of March 13th surpassed the one registered las April 30th. On March 13th, the exchange of Bitcoin reached a daily volume of about 75.9 billion dollars, the highest in the history of high-level exchanges in Binance.
According to the report, the increase in volume experienced in March happened when cryptocurrency prices fell by 8% in just a few hours. Similarly, last April 30th, the increase in volume could happen when the price of the digital currency decreased from USD 9,440 to USD 8,530. Both indices represent a good number of those interested in buying bitcoin when the market is down, the report noted.
The CryptoCompare’s document highlighted that users carried out the vast majority of these exchanges through low-level exchange houses. These exchanges managed to accumulate an approximate of 48.3 billion dollars. It is worth mentioning that CryptoCompare orders the platforms that conduct crypto-exchanges at certain levels ranging from A to F. This way of classifying these exchanges corresponds to the volume of data that each exchange company registers.
In this sense, the report highlighted the large number of exchanges that Binance registered last April 30th. CryptoCompare considers this exchange office as a first-rate exchange.
“When Bitcoin fell below USD 9,000, on the morning of April 30th, Binance recorded most of the trading volume (BTC / USDT market), trading a total of USD 15 million at 11 a.m. At this time, it represented approximately 50 % of the volume of trade processed by seven of the largest top-tier exchanges”, the report says.
In this way, Binance and Okex were the exchange platforms that registered the highest volume of operations last April 30th. Binance managed to trade a total of USD 3.6 billion in exchanges, whilst Okex registered about 2.5 billion dollars. In the next place was the Coinbase platform, which negotiated a total of USD 800 million in exchanges.
The report also highlighted the level of growth that these companies have had, compared to March. Binance was the only one of the companies that achieved 11.6 % growth, while BitMex experienced a sharp drop of 40 % since March.
These data that the document provided go hand in hand with some press reports that assured that the mining profits would have reached a considerable increase, reaching some 291 million dollars in bitcoin mining.
April was also an important month on Bitcoin’s history since the price of the main crypto-asset increased more than 20%, despite the crisis that the Covid-19 pandemic generated. The price of Bitcoin went from USD 6,372 on April 1st to the USD 9,000 barrier, at the end of last month.
In this way, the price recovered a few days before the halving date and showed greater confidence in crypto users.
By María Rodríguez