30 Dec 2020 Jane Whitmoore
Binance Outlines 2020, Reports Surge In Trading Volumes
Binance, a major cryptocurrency exchange is reputed as a platform for cryptocurrency trading. In January 2018, Binance recorded the highest trading volume to rank the largest according to this metric.
However this year 2020, Binance recorded a 5 billion increase in 24-hour all-time-high spot trading to stand at a recent figure of $15 billion. The exchange also highlighted a $3.88 billion average trading volume this year, up by 36% compared to the previous year.
In an official blogpost titled 'Binance 2020 Milestones: The Tipping Point', Binance exchange outlined 2020 by the numbers, highlighting its success in the year.
Recently, Binance launched out trading on Bitcoin options contracts in a bid to expand its crypto derivatives offering. Also, the crypto exchange expanded its offering with the launch of new options on ETH/USDT and XRP/USDT.
As regarding Binance futures, options, and margin, the exchange reported an increase of 34 billion from 2019 making the 24-hour all-time-high futures trading at 37 billion USDT in 2020. A total of 149 derivative contracts were also listed on Binance Futures. At the time of this report, more than 400 trading pairs are currently available for Margin Trading, up from 56 in the previous year. A record of 1.7 trillion USDT in total trading volume year-to-date was noted which is an increase of 28 times from 2019.
Crypto Derivatives have consistently gained momentum as more sophisticated investors make an entrant into the crypto market.
Futures and options are a way for investors to bet on the trends of Bitcoin prices without having to hold the digital currency. Bitcoin reaching new all-time highs above $28,000 partly alluded to growth in investor enthusiasm in trading derivatives and innovations in DeFi protocols.
Binance noted the year 2020 to be the tipping point in which the Bitcoin and cryptocurrency market narrative changed. The exchange also made mention of the grand entrant of institutional investors into the crypto space and increasing crypto adoption all of which took Bitcoin to record highs. The growth in crypto adoption is seen in a 700% increase in active users compared to 2019 reported by Binance.
Asides from the historic rise in volumes, Binance made listings of 184 tokens in the present year 2020. The exchange also saw a rise in the total number of trading pairs which grew from 396 in the previous year to 591 in 2020.
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