The crypto crash of the 12th of March is a sensitive subject to many people, as the crypto industry in its majority managed to halve in value in the span of a few days. The world at large grew fearful amid the COVID-19 outbreak, selling any “Risky” asset and pouring it into safe-haven assets like gold.
A New Chapter In The History Books
However, some facets of the crypto industry managed to stay healthy, the derivatives retail markets being the strongest of the lot. Recent data has revealed that the stark increase in revenue amid this crisis, has managed to let OKEx dethrone Huobi as the top derivatives platform out there.
The 12th of March heralded a crash to all major markets within the world, starting first with the conventional markets and toppling over into the crypto space. The concerns regarding the coronavirus pandemic were only intensified with fissures within OPEC itself. $100 billion in value was simply snuffed from the crypto market capitalization in that one day alone.
Derivatives Gaining Traction Amid Pandemic
Even if this were the case, the derivatives market of the crypto industry had significantly benefited from the crisis. CryptoCompare revealed this to the public via a recent report.
Within this report, the crypto data provider stated that volumes in the derivatives market had achieved an all-time high, clocking in at $600 billion during March of 2020. The heavyweights of the crypto derivatives space, places like Huobi, BitMEX, OKEX, and Binance, experienced more than 86% of that total volume last month, collectively.
OKEx Taking Top Spot
In a surprising turn of events, OKEx managed to dethrone the former number one cryptocurrency exchanges, Huobi. The exchange did this with a month-on-month increase of volume, increasing more than $160 billion. The upswing itself stands as a 12% growth for the entire company since February.
Huobi and BitMEX saw their volumes drop, however. Huobi managed to lose 12.6% of their volumes, while BitMEX lost a little less, clocking in at a 5.3% loss.
Urging For the Future
The CEO of OKEx, Jay Hao, gave a brief explanation that the massive spike in crypto derivatives volumes that his platform had experienced, could be connected to the “drastic changes” of consumer browsing behaviors. These behaviors, something he stated his team had observed, signified a shift in portfolio and investment strategies due to the market slump.
Hao stated that his team had started the process of investigating and studying the new data in a bid to prepare for the future. Furthermore, he urged his fellow exchanges to begin re-evaluating the market at large and warns that the game will enter a new stage, the moment this storm of a pandemic is over.