Cryptocurrency futures trading has grown by more than 300%
In the first quarter of 2020, cryptocurrency futures trading grew by 300%, according to a report from the analyst firm TokenInsight. The average daily trading volume reached $ 23 billion.
Compared to the fourth quarter of last year, cryptocurrency futures trading volumes increased by 314%. TokenInsight experts report that last year, activity in the cryptocurrency futures market began to increase.
Although the dynamics decreased slightly at the end of the year, at the beginning of 2020 the futures market continued to grow. Market volumes at the beginning of this year are almost 8 times higher than in 2019. Analysts used data from the BitMEX, OKEx, Binance, Deribit, Gate.io, BitZ, Bitget, FTX, BFX.NU and KuMEX exchanges for research.
“We believe that cryptocurrency futures already have some attributes of market indicators, and spot market participants can refer to futures trading volumes to manage their positions,” says in the report.