The cryptocurrency market has been in a bull trend during the last months after a long period of time operating sideways. This is why the recognized and popular cryptocurrency exchange Binance registered record levels of order volumes on May 22nd. Due to this reason, the exchange experienced service difficulties.
Binance Registers Record-High Levels of Order Volumes
Virtual currencies expanded during the first part of this year and they could continue to do so in the near future. The sentiment in the market has completely changed and altcoins have reached their highest point in several months.
According to the CEO and founder of the crypto exchange Binance, Changpeng Zhao, the platform has registered a “strikingly high number of orders,” that can be compared to the crypto bull market that the space experienced at the end of 2017. It is worth mentioning that the crypto exchange was just being discovered by users in 2017.
The CEO of the platform, the exchange was experiencing heavy load that was affecting some of the users that were trading on the platform. For example, he said that Web, PC, APP were experiencing load issues.
As the CEO of the exchange explained, trade (not order) volume in USD terms is currently ⅓ of the peak. At the same time, he said that BTC price is ¼ and ETH price is only ⅕ of the last peak. He has also explained that most other altcoins have lower prices than during the peak.
This shows that there is a growing interest in digital assets and virtual currencies after a whole year in a bear trend. As soon as a bull market starts in the space, the crypto community gets very excited about the future prices of virtual currencies. One of the comments under Changpeng Zhao’s Tweet reads that it is currently time for altcoins. Thomas Lee, the co-founder of Fundstrat Global, said that this is a clever answer, thus supporting the idea that we could be close to an alt-season.
Binance is one of the most popular platforms for trading digital assets in the market. According to CoinMarketCap, Binance is currently the second largest platform in terms of its registered trading volume. In the last 24 hours, it handled a volume of $2.5 billion.