Report: Binance Futures Surpasses Bitmex in 24hr Bitcoin (BTC) Trade Volume
The Binance Futures platform is less than a year old but has managed to eclipse BitMex in 24 hour trade volume.
In Brief:
- According to a new report, the Binance futures platform has eclipsed BitMex in 24-hour trade volume.
- At its peak, Binance Futures managed an all-time-high of $9 Billion in Bitcoin (BTC) futures contracts in a day.
- Binance has continually kept building and being a few steps ahead of the competition.
In a tweet a few days ago, the Vice President of the Binance Futures platform, Aaron Gong, announced that the platform was now leading in terms of the volume of Bitcoin (BTC) contracts traded in a 24 hour period. Mr. Gong went on to thank users of the platform who have made this feat possible.
$2.3 Billion in 24hr Trade Volume, Eclipsing Bitmex
The exchange went on to release a full report explaining that the platform's BTC perpetual contract was averaging $2.343 Billion in 24-hour trade volume compared to Bitmex's $2.121 Billion in a similar time frame. At one point, Binance successfully handled $9 Billion worth of Bitcoin contracts in a day.
Rapid Growth of the Binance Futures Platform
Launched in September 2019, the Binance futures platform currently has 24 USDT contracts covering major digital assets such as BTC, Ethereum, XRP, Litecoin, Dash, Link and more. Such a variety has allowed the exchange to host half of all the top 10 most liquid altcoin contracts. (Also to note, is that in September 2019, the exchange acquired JEX: a crypto derivatives trading platform.) Mr. Gong is quoted as explaining that the trustworthiness of Binance is the reason for its accelerated growth.
Since our inception, it has been an exciting time for traders as crypto markets displayed stronger demand and volatility. Therefore, choosing a reliable and trustworthy exchange for risk-hedging has never been more critical than before. Hopefully, Binance Futures emerge as the market-standard choice for traders as we continue to expand our ecosystem throughout 2020.
Additionally, Binance has one of the lowest trading fee structure available in the crypto-verse as well as a considerably stable and quick matching engine.
(Feature image courtesy of Sheri Hooley on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author's and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
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Original article posted on the EthereumWorldNews.com site, by John P. Njui.