Binance Records Higher Volume Order Than Experienced in the 2017 Bull Market

May 24, 2019 By: Nwabundo Wisdom

 

We have no doubt been left in suspense over the surprising trend in the crypto market in the last few months, the bull is here! That’s what we can say about the current surge in the price of cryptocurrencies, most especially Bitcoin which saw It’s price fall to around $3,000 in 2018, but recently into 2019 Bitcoin showed prospect of a price surge not until in the early weeks of May, 2019 when the crypto market experienced a bull-run which catapulted Bitcoin’s price from the $3000 mark to a current trading price of about $8,000.

Owing to the current bull-run in the crypto market, various crypto exchanges have recorded increasing orders as many crypto traders do not want to be left out of the bull-run. One of such exchanges currently recording high order volumes than previous years is Binance.

According to a report on May 22, the CEO and founder of Binance, Changpeng Zhao stated that the exchange has recorded an impressive increase in it’s order volumes which can be compared to the bull-run experienced at the rounding up of 2017and even more. The CEO explained in a tweet that the exchange is currently experiencing a “heavy load affecting some users. Fixing.” He added “Web PC, App are experiencing load issues, API users are fine.” In a subsequent tweet replying a user who complained about loading issues of the exchange, he said:

“Much heavier load than even peak of 2017. Good problem to have. Working on it.”

The CEO further explained that the exchange at the moment is recording a “trade volume in USD which is 1/3 of the crypto market’s peak with Bitcoin’s price at 1/4 and ETH price at 1/5 of the last peak in 2017, most other altcoin prices are even lower, he said.”

Investors are now showing a great interest in digital currencies, wanting to acquire more cryptocurrencies after a break-out from the bear market which we experienced throughout 2018. The bull market holds high hopes for the crypto market as cryptocurrency traders anticipate rising prices in Bitcoin and with most crypto enthusiasts predicting the bull run as the time for Altcoins.

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