In 2gether, the trade volume went from EUR 226,000 per day to more than EUR 760,000. In Panda, inactive users resumed activities on the platform in recent days.
During the fall in international markets, cryptocurrency exchanges have begun to experience an increase in their users’ activity. Not only have there been higher trading volumes, but the incorporation of new users has also increased, as reported by Buda, Panda, and 2gether, among other platforms.
The exchange website 2gether saw an increase in its exchange volumes between March 5th and March 13th. A chart shows that the Spanish platform registered a volume of around EUR 226,000 on March 5th, and one higher than EUR 760,000 on March 13th.
There was a drop on March 7th, but the platform recorded volumes above EUR 300,000 for three days. On March 12th, the users of the platform even traded up to EUR 483,791.
During the days recorded in the chart, there was a greater increase in purchasing volumes than in selling volumes. In total, 75% of the exchange operations on the platform are those for the purchase of cryptocurrencies. The high volumes particularly correspond to operations with Bitcoin (BTC) and Ether (ETH), which dominate 90% of purchasing operations.
Inactive Panda Users Resume Operations
Panda, a Colombian exchange site, has also experienced an increase in its activity in recent days. Panda CTO Typson Sánchez confirmed that they have recently seen a rise of up to 15% in new registrations.
Additionally, they realized that 30% of inactive registered users have resumed their operations on the platform. In this regard, Sánchez explained that an inactive user is that who does not execute at least two exchange operations weekly.
It results curious to the representative of Panda that the trust towards cryptocurrencies has arrived amid the COVID-19 pandemic. This serious health situation is affecting all countries worldwide.
Buda, the Chilean exchange that also operates in Argentina, Colombia, and Peru, said that this activity contradicts the common behavior in bearish moments. Its founder and CEO, Guillermo Torrealba, stated that they were experiencing the opening of many new accounts every day.
Bitcoin Shows Signs of Recovery
In recent weeks, the price of Bitcoin accompanied the collapse of stock markets, oil and other traditional indices. At its lowest point, the price of Bitcoin fell to levels below USD 4,000.
However, certain signs allowed analysts to maintain their optimism regarding the main cryptocurrency. The firm Coin Metrics concluded that speculators and cryptocurrency traders drove the selling behavior, which did not correspond to a massive flight of investors.
Analyst Willy Woo, one of the most recognized in the ecosystem, noted that Bitcoin was showing signs of decoupling from traditional markets. He highlighted the case of the Standard&Poor’s 500 index, with which it had reached its all-time high correlation.
In his assessment, Woo claimed to maintain his bullish sentiment for Bitcoin. Last March 19th, the price of Bitcoin rose by more than 12% within 24 hours to approach USD 6,000. Then, it managed to surpass that level. At the time of writing this article, Bitcoin’s market value is USD 6,205, according to data from CoinMarketCap.
By Willmen Blanco