The daily volumes on Binance Futures set a new record.
In fact, in the last 24 hours, they have exceeded $26 billion.
This is a very important figure, both because never before had such high daily volumes been recorded on this platform, and because the second in this special ranking is OKEx, which stands at less than $15 billion.
As such, Binance Futures has almost doubled the second-highest trading volume in the last 24 hours of crypto derivatives.
The previous record was recorded on November 6th, at almost $20 billion, but the daily average in September and October was no more than $6 billion.
The majority of this volume, 83%, was generated in USDT, while only the remaining 17% was generated by trading in US dollars.
The pair that generated the most volume was BTCUSDT, with almost 55% of all volume in the last 24 hours, followed by ETHUSDT with 11%.
In fact, it is probably the great rise in the price of bitcoin of the last days to have generated this peak.
The link between the Bitcoin price and Binance’s record volumes on futures
For example, on November 15th, when the price of BTC had remained relatively stable at around $16,000, the daily trading volume on Binance Futures was just over $7 billion, rising to nearly $9 billion the next day when the price of bitcoin began to rise, and to $12.5 billion on November 17th, when the price of bitcoin rose to over $17,000.
A similar escalation took place also between November 1st and November 6th, when the price of BTC passed from around 13.000$ to over 15.000$, showing clearly how the big fast rises of the price of bitcoin to unleash the greater trading volumes of crypto derivatives.
In particular today, with the price rising to a quota rarely touched in the past, we cannot be surprised that the historical record has been overcome, not least because these derivatives contracts on cryptocurrencies did not exist at the middle of December 2017, when the maximum level of price for bitcoin was touched.
The co-founder and CEO of Bitpanda, Eric Demuth, points out that:
“The last time the price of bitcoin was over $18,000 was on January 6th, 2018, and at that time it only remained there for two consecutive days. Volatility remains high, with Bitcoin only ever reaching $18,000 four times in the past”.