a Bakkt, one of the world’s fastest growing cryptocurrency exchanges, has enjoyed the pleasure of smashing yet another record amount of Bitcoin Futures product trading. This time, the exchange is going ever closer to the $50 million mark when it comes to trading volumes.
Daily Volumes Totalling to $46.56 Million
The Bitcoin (BTC) futures product of Bakkt has clocked in yet another all-time high. The news was brought through a twitter account by the name of “Bakkt Volume Bot.” This bot posted that Bakkt, supported by the Intercontinental Exchange (ICE), had managed to trade $45.56 million of its physically-settled Bitcoin futures on the 18th of December.
∙ Today's volume so far: 6312 BTC ($45.56 million)
∙ Last traded price: $7,218
∙ Trading day progress: 83%
∙ Current daily Bakktarget™: 6994 BTC ($50.48 million)
— Bakkt Volume Bot (@BakktBot) December 19, 2019
While some groups need to rely on Bitcoin being stable to earn a profit, Bakkt enjoys quite the opposite. The company typically break a trading volume record when Bitcoin becomes its most volatile, either upwards or downwards. This new record doesn’t play the exception. The spot market price for BTC skyrocketed to an intraday high of around $7 376, before dropping almost $1000 and recording in at $6400 on the exact same day. The information was gleaned by way of CoinStats.
New Niche Competition
With a truly impressive amount of 6321 BTC clocked in, in less than 24 hours, Bakkt has established itself as a rising power within the crypto industry. With the platform already proving this popular, it seems that Bakkt can only go forward.
As is always the case, something that RobinHood can attest to, Bakkt is gaining some new competition in its niche market share. On the 17th of December, ErisX claimed the title of being the second company offering physically-delivered BTC futures. Bakkt introduced the new product in September, adding cash-settled BTC futures later.
Expanding The Business
In addition, Bakkt is plying the business model that was set up by its parent company. The exchange is slowly, but surely, expanding its list of offerings in order to gain more customers. The official launch of Bakkt’s cash-settled Bitcoin futures, as well as Bitcoin options, was on the 9th of December.
Compared to the physically-settled counterpart, Bakkt’s cash-settled Bitcoin futures crossed the 1000 BTC mark on the 18th of December. While not exemplary in any way, one must remember that Bakkt’s physically-settled BTC futures had a very rocky start as well.
What this means for the future is ultimately unclear, but Bakkt shows excellent potential in becoming one of the crypto exchange heavyweights. With any luck, this is only the beginning of Bakkt’s story.