On Monday, the price of Bitcoin broke through the $10,500 to $11K range, which caught many people unaware. Unarguably, the uptrend has also influenced the activities of the entire Bitcoin industry. Many prominent Bitcoin trading platforms for Futures and Spot products have gained more trading volume, amid the recent performance of Bitcoin.
Bakkt sees more contracts
Bitcoin trading platform, Bakkt, a subsidiary of the Intercontinental Exchange (ICE), gained more contracts on Bitcoin Futures, leaving a big gap between the previous all-time high. Reportedly on Monday, the platform recorded 11,509 traded contracts, setting a new all-time high in Futures contracts traded on the platform.
The previous all-time high in Bakkt contracts was recorded in December 2019. Then, the Bitcoin trading platform recorded 6,312 contracts, which is 5,197 contracts short from the most recent record. Now, the 24h volume on Bakkt is at $144,313,002, according to the data by Bitcoin Trade Volume.
Also, the CME Group noted an increase in Future traded on its platform. About $1.2 billion worth of Bitcoin Futures contract was reportedly traded on the exchange on Monday.
Increase in Bitcoin trading platforms for Spot
Bitcoin spot exchanges were not left out of the trend. In fact, popular spot trading platforms like Binance, and Coinbase noted a significant increase in daily trading volume. Bitcoin trading platform, Binance now notes $1,587,662,449 in 24h trading volume, followed by Coinbase and Bitstamp with $583,864,914, and $368,699,866 respectively.
One can say that the increased trading activity across these platforms relates to the recent Bitcoin moves. The price of the cryptocurrency had reached $11,400, which is considered as the highest point since August last year. Meanwhile, the price of Bitcoin has dropped to $10,960 at the time of writing.