In the past two days, the price of $BTC has risen sharply. For the first time in a month, $BTC has exceeded $18,000. At around 5:00 am Beijing time today, it even briefly exceeded $19,000. Under the influence of the rising trend, the trading market has become more active.
According to TokenInsight data, the global trading volume of the crypto market in the past 24 hours was US$223.39 billion, an increase of 31.97%. The trading volume of many mainstream trading platforms including Binance, OKX, KuCoin, Bybit and Gate.io has increased by about 30% in the past 24 hours.
As shown in the figure below, these five trading platforms all recorded a new high in daily trading volume in the past two months on January 12 (8:00 on January 12 to 8:00 on January 13, Beijing time). The last time these trading platforms achieved a higher daily trading volume was the day before FTX filed for bankruptcy. With the increase in trading volume in the past 24 hours, it can be expected that today's daily trading volume will exceed that of January 12.
We have reason to believe that such an increase in trading volume is driven by the growth of $BTC prices. Taking Binance as an example, $BTC is the asset with the largest trading volume in both the spot market and the perpetual contract market. $ETH, which also saw a price increase yesterday, also contributed a large proportion of trading volume. The situation on other trading platforms is similar, with $BTC and $ETH trading occupying a large market share.
Binance Spot Market
Binance Perpetual Contract Market
It’s too early to say that the bear market is nearing its end, as several crypto companies are conducting large-scale layoffs. Nevertheless, it’s good to see positive signs in the market. It’s worth noting that despite the recent layoffs announced by Coinbase and Huobi, trading volumes have not been affected. The only exception is Crypto.com, which only saw a 12.7% increase in 24-hour trading volume. This may be because the news of its layoffs was just announced today.
