In the last 24 hours, the trading volumes of bitcoin and other cryptocurrencies on Bitfinex have exceeded one billion dollars.
This was pointed out by the CTO of the exchange, Paolo Ardoino, through a tweet where he shared a screenshot taken from CoinMarketCap.
— Paolo Ardoino (@paoloardoino) March 12, 2020
In reality, the figure has grown since Ardoino posted that screenshot, considering that at the time of writing this article, the overall trading volumes on all pairs on Bitfinex is almost one billion two hundred million dollars.
This is not an absolute maximum record for the exchange, but it was since June 2019 that there were no such high volumes.
Much of this volume, 506 million to be precise, was generated by the BTC/USD pair alone, while for example the BTC/USDT pair stopped at less than ten times that figure, 43 million, with as many as 45 million for derivatives always on the same pair.
The second most traded pair was ETH/USD with almost 200 million, while only three other pairs remained above 30 million: EOS/USD, ETH/BTC and BTC/EUR.
In eighth place, there is the USD/USDT pair with 27 million, followed by XRP/USD at almost 24 and ETH/USDT at 21. Six other pairs are above 10 million, while a total of 43 pairs traded on Bitfinex with more than $1 million in volume in the last 24 hours.
In fact, the last 24 hours have shown some sustained trading volumes on all crypto exchanges, mainly due to the collapse that is taking place on all financial markets worldwide and which is more pronounced on the crypto markets.
The bulk of the volume, however, was recorded in 5 hours, from 10:00 AM to 3:00 PM UTC, though now they are falling.
Moreover, these high volumes have also affected the Ethereum network, which ended up becoming congested due to an extremely high number of transactions, to which the network was unable to react without problems.
At this point, the release of Ethereum 2.0, with the new consensus algorithm based on the faster Proof of Stake, would seem to be all the more necessary.
Finally, it should be added that Binance, in the same period of time, exceeded $10 billion in trading volumes, largely due to derivatives on the BTC/USDT pair.
The BTC/USDT direct trading pair alone has recorded a figure comparable to the overall figure of all pairs on Bitfinex.