With the entire cryptocurrency market rallying in recent weeks to allow Bitcoin (BTC) to reach new highs, crypto companies are also reaping benefits from the massive interest in digital asset trading lately.
California-based Bitrue is one of the platforms that has enjoyed solid growth in recent months amid increased demand for digital asset trading services. The company announced that the number of registered users on its trading platform has exceeded 4 million.
Bitrue, which is attracting investors who are particularly interested in trading Ripple’s native currency XRP, says daily trading volumes have risen by 400% recently amid a surge in demand for cryptocurrency trading.
Adam O’Neill, Head of Marketing at Bitrue, comments on the recent rise in the popularity of Bitrue among cryptocurrency traders:
XRP price exploded in April to gain nearly 300% and print a 39-month high near $2. Just a few weeks ago, the price of XRP/USD was trading below $0.50. However, the surge in demand for Bitcoin, Ethereum and other digital assets, has also helped Ripple break higher and perform massive short squeezes.
O’Neill adds, “We have seen a massive 400% increase in trading volume, which to us is a strong sign that 2021 will be the year where cryptocurrencies really pop.”
Unlike some other major cryptocurrency exchanges, Bitrue has decided not to remove XRP from the pool of digital assets available for trading. This decision has paid off so much that the company has now reported a 130% increase in the number of active traders per month.
“The reasons for this boom are many – companies and celebrities are increasingly endorsing cryptocurrencies, coins are hitting all-time highs, and trust in legacy financial institutions is at all-time lows,” O’Neill says, before adding that Coinbase’s roster also has solid support for the coin ecosystem. Fully encrypted.
The largest US-based cryptocurrency exchange went public with a live listing last Wednesday, making its market debut. The day before, the Nasdaq had set a reference price of $250 on Coinbase, but that didn’t stop the company’s shares from opening 50% higher at $381.00.
All exchanges have been keeping a close eye on the Coinbase listing, as the success of any individual exchange is closely linked to the success of others. At the moment there is a collective effort on the part of all of us to popularize the entire industry. We are very pleased with Coinbase’s success and we fully believe that it will help legitimize cryptocurrencies in the public eye, leading to more retailers joining crypto platforms.”
Not surprisingly, Bitrue officials are pleased with the recent developments in the crypto space as the platform has welcomed over a million new registered users in the past six months. The total value of digital assets on the exchange is now around $2 billion.
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