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Can Bakkt Reach Binance’s $970 Million Daily Trading Record?

The Great China Pump of 2019 or The Xi Effect, whatever you name it, this phenomenon has been beneficial for Bitcoin and other Altcoins. Bitcoin price had seen a great surge of 40% within 24hrs of the announcement. Bakkt bitcoin futures trading has also seen remarkable trading numbers since then.

Bakkt twitter robot, Bakkt Volume Bot reported that October 25, 2019, saw a total of $10 million USD, it’s an all-time high, bitcoin trading on the platform. The numbers are showing positive signs since then after a long bearish period. This Wednesday. the trading volume set a new record. The traded contracts on the platform reached a record of 1183. The platform is set to set a new record for Bitcoin trading. At the current pace, Bakkt could trade over $200 million in BTC futures contracts this November.

It is interesting to note that Bakkt had filed for a liquidity incentive program rule change (to begin on Nov 1) to boost volumes in October. The volume surged a day after that i.e. Oct 23, 2019. The exact reason for the price rise is not known. However, it can be said that Bakkt’s growing metrics is a good sign for the platform’s future.

Coincidently, the Chicago Mercantile Exchange’s Bitcoin futures market has also set a record, reaching around 1,300 BTC worth of contracts. Also, the Binance platform sees $970 million per day Bitcoin trading. Bakkt platform has to gear up if it wants to compete with Binance.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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