The cryptocurrency market rally saw Binance record a daily high trading volume of $80 billion across its spot and derivatives platforms
The crypto market has been on a rally in the past few months, and crypto exchanges have benefitted from the situation. Binance, the worldâ€™s largest digital asset platform by trade volume, is breaking records, thanks to the current rally.
Changpeng Zhao, the chief executive of Binance, tweeted yesterday that the cryptocurrency exchange hit a record $80 billion in 24-hour trade activity. This is the first time Binance is hitting this figure since its launch in 2017.
Zhao, popularly known as CZ in the crypto space, compared the recent trading volume to what the exchange had recorded during the 2017 record-breaking bull cycle. He pointed out that the trading volume recorded over the past 24 hours ($80 billion) is four-times the volume processed on the exchange from 15 November 2017 to 15 December 2017 ($20 billion).
The vast trading volume also created a scaling problem for Binance. CZ tweeted, â€œ$80+ billion in trading volume in the last 24 hrs on Binance. We saw some scaling issues today. We probably will see more issues as we continue to grow. We arenâ€™t perfect, but we will fix them as quickly as we can. We appreciate your understanding and supportâ€œ!
Over the past 24 hours, Binanceâ€™s derivatives platform raked in roughly $57 billion in trading volume while the remaining $23 billion came from its spot trading market. As the leading crypto exchange, Binance has to contend with processing millions or billions of dollarsâ€™ worth of transactions, especially during a bull cycle.
The cryptocurrency exchangeâ€™s record trading volume comes as Bitcoin reaffirms its position above $30,000. The cryptocurrency briefly dipped below $28,000 yesterday but quickly bounced back and is now trading above $32,000. Bitcoinâ€™s recent surge means that the current price is over 50% higher than the previous all-time high.
Ethereum is also rallying, recording a four-figure trading price for the first time since January 2018. Litecoin, Polkadot, Bitcoin Cash, Cardano, Stellar Lumens, Binance Coin and Chainlink are some of the leading altcoins enjoying excellent bull runs. XRP remains the only exception amongst the leading cryptocurrencies as it continues to suffer from Rippleâ€™s legal issues with the United States Securities and Exchange Commission (SEC).