As the entire cryptocurrency market soared higher in recent weeks to allow Bitcoin (BTC) to hit fresh record highs, cryptocurrency businesses are also reaping benefits from the high interest in trading digital assets recently.
The California-based cryptocurrency exchange Bitrue is one of the platforms that has enjoyed strong growth in recent months amid the surge in demand for digital assets trading services. The company announced that the number of registered users on its trading platform exceeded the 4 million mark.
Bitrue, which is especially attracting investors interested in trading Ripple’s native token XRP, says the daily trading volume is up 400% recently amid a surge in demand for crypto trading.
“Every single week we are breaking our own records for trading activity, new user signups, and most other metrics that we track,” head of marketing at Bitrue, Adam O’Neill, comments on the recent rise in popularity of Bitrue among crypto traders.
XRP price exploded in April to gain nearly 300% and print a 39-month high near the $2 handle. Just a few weeks ago, XRP/USD price was trading below the $0.50 handle. However, a surge in demand for Bitcoin, Ethereum, and other digital assets, has also helped Ripple to break higher and perform a huge short squeeze.
“We’ve seen a phenomenal 400% increase in trading volume, which to us is a strong sign that 2021 is going to be the year that cryptocurrencies truly go mainstream,” O’Neill adds.
Unlike some other major cryptocurrency exchanges, Bitrue decided against removing XRP from its pool of digital assets available for trading. This decision has paid off big time as the company now reports a 130% surge in the number of monthly active traders.
“The reasons for this boom are numerous – companies and celebrities are increasingly endorsing crypto, coins are reaching all time highs, and trust in the old financial institutions is reaching record lows,” O’Neill, says, before adding that Coinbase listing has also provided a strong boost to the entire cryptocurrency ecosystem.
The biggest US-based cryptocurrency exchange went public through a direct listing last Wednesday in a blockbuster market debut. A day earlier, the Nasdaq stock exchange set a reference price of $250 on Coinbase, but that didn’t stop shares of the company to open over 50% higher at $381.00.
“All exchanges were watching the Coinbase listing very closely, as the success of any single exchange is tightly linked to the success of others. Right now it’s a group effort from all of us to popularize the entire industry. We’re very pleased with Coinbase’s success and fully believe that it will help legitimize cryptocurrencies in the eyes of the public, leading to more retail traders joining crypto platforms.”
It’s no surprise that Bitrue’s officials are pleased with the recent developments in the crypto space as the platform welcomed more than 1 million new registered users in the last 6 months. The total value of the digital assets on the exchange now stands at about $2 billion.