Bitcoin Futures Skyrocket As Crypto Platforms Binance and Bakkt Post Breakout Performances
Bitcoin’s rally on Friday, which marked one of its biggest gains on record, has pushed futures trading to new all-time highs. Both Binance and Bakkt are reporting record-breaking volumes.
According to data compiled by CoinMarketCap, Bitcoin (BTC) spiked on October 25, gaining $2,400 in a single day, up from $7,506 and reaching a high of $9,932 before dipping back down to around $9,000 on Saturday. Cryptocurrency exchanges Bitstamp and Binance clocked BTC as high as $10,350 and $10,370 respectively, marking the cryptocurrency’s highest level since September 24.
Binance research also notes that it took BTC roughly 15 hours to gain 30%, showing off Bitcoin’s ability to make seismic moves.
The market rally also recorded BTC’s biggest single-day surge since April 2, as it carried the futures markets to new highs.
Crossing the billion-dollar milestone, Binance Futures skyrocketed to $1.14 billion with 165k BTC trading within 24 hours on Friday, signaling strong interest in BTC for the newly launched platform that debuted on September 24.
Meanwhile, Bitcoin futures newcomer Bakkt hit another all-time high in daily trading volume, marking its second record-setting day within a week.
Daily summary of Friday's Bakkt Bitcoin Monthly Futures:
💸 Traded contracts: 1183 – New ATH 🚀
📈 Day before: 331
📈 Previous all time high: 640
— Bakkt Volume Bot (@BakktBot) October 26, 2019
Bakkt’s chief operating officer Adam White is hinting at more products from the new Intercontinental Exchange-operated platform as it gears up to deliver on its initial promise of onboarding big Wall Street money.
“September’s launch was a milestone, but not the finish line. The hard work – market development – happens over the coming months, along with new products and contracts.”