The price of the cryptocurrency, Bitcoin [BTC], rose significantly earlier in January. The Chicago Mercantile Exchange, or CME, also hit record Bitcoin futures trading numbers within the same month.
“Earlier in January, BTC average daily volume [ADV] reached a monthly record of 17,549 contracts [87.7K equivalent BTC],” a CME representative added. Each CME Bitcoin futures contract is well worth the value of 5 BTC paid in dollars.
“Also earlier in December last year, BTC avg daily volume [ADV] touched 11,179 contracts [55.9K per bitcoin],” the representative added. “This represents a +57% hike.”
In January, Bitcoin rose from $30k up to almost $42k, consistent with TradingView data. The month before, the asset had broken its longstanding record high of roughly $20k, surging up to just over $30k by the end of last year.
“We are continuing to ascertain robust interest in our Bitcoin futures contracts, with a record 528 accounts added earlier in January, assisting in driving BTC average daily volume (ADV) to a monthly record of 17,549 contracts [87.7K per bitcoin], up 63% YoY,” the CME representative added.
CME’s BTC futures trading product has gained a notable number of users since its inception in December 2017. “7,400+ unique, active accounts have traded since launch,” CME explained within a recent report revealing numbers up to 17th Feb. “Of those, 733 were added in 2021, 2.3x over in 2020,” the report added.
Bitcoin recently dropped over $13k from its last record high, although the asset has since regained some portions back, trading at around $50,550 USD as at the reporting time.