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Exchanges turn profitable as Crypto-trading hits new high.
Transaction volumes of Bitcoin hit $1 Trillion in a month.
Miners enter the markets to infuse more liquidity.
Most cryptocurrencies saw a rise in their market capitalizations hitting new highs. It was what is called a super-cycle in Crypto-markets. This in turn resulted in a good season for Cryptocurrency Exchanges.
The performance of Cryptocurrency markets in the early first quarter of 2021 has been remarkable. The boom in the crypto markets have benefitted the cryptocurrency exchanges.
As per the reports from an analytics and research platform, the cryptocurrency exchange Coinbase alone saw a 40% rise in its revenue during the last quarter of 2020. About 80% of the revenue came from trading fees. A total of $193 Billion worth of Bitcoin transacted over Coinbase in 2020.
In the year 2021, crypto had gained the attention of investors more than ever. There was a tremendous surge in the number of active traders, transactions and an increase in the new user–base on the Cryptocurrency Exchanges.
A Netizen pointed out the Market share of some of the popular exchanges comparing the total monthly transactions of Bitcoin. Bitcoin transactions totalled $900 Billion in January 2021 and surpassed the $1 Trillion mark for February 2021. Binance seems to have captured most of the Cryptomarkets.
Miners join the Party!!
With so much hype in the markets and Bitcoin reaching $58,000, many anticipated that miners could unload their share of newly minted Bitcoins. Indeed they did!! They did sell Bitcoin at peaks to book their profits.
A Trader-analyst provided an overview of miners selling their Bitcoin during peak cycles in mid-February. The analysts also said that the massive outflow of BTC from Coinbase exchange indicates a strong buy.
Since then, the Crypto-market has consolidated. However, the market Guru’s are still bullish and are hinting at the entry of another super-cycle shortly.