Bakkt had a pretty rough start experiencing a disappointing initial trading volume well below everyone’s expectations. The last month has been better for Bakkt as the exchange has seen a considerable rise in trading volume.
The recent bull rally of Bitcoin certainly helped the exchange pick up some momentum, however, it seems that November might be even better for Bakkt. On Tuesday, the exchange saw 1061 contracts traded, worth around $9.8 million. According to the statistics collected by the twitter volume bot account (@BakktBot), the exchange seems to be on its way to beat the previous month.
Although these recent volume increases are great for Bakkt, it still looks like nothing when compared to Binance Futures exchange which enjoys almost $1 billion in daily trading volume.
It’s pretty clear that futures platforms and even normal exchanges experience a boost in trading volume whenever Bitcoin is under periods of high volatility. This is true when Bitcoin rapidly goes up or down. This probably means that investors are still interested in Bitcoin which is a good thing for the adoption of cryptocurrencies.
This recent case seems to have been caused by news from China about a new cryptography law and the president personally endorsing research and investment into blockchain technology.
Bakkt recently announced the launch of a consumer app in the near future to allow consumers to unlock the true value of cryptocurrencies and grant merchants access to a broader set of customers.
In the announcement, the CPO of Bakkt, Mike Blandina, also hinted at the possibility of the app supporting more than just Bitcoin. “A key feature of the model we have designed is to support a superset of digital assets, including cryptocurrencies as seamlessly as investors transact in stocks in a retail brokerage account.”
It’s pretty clear that Bakkt is here to stay and with the launch of new products and a steady trading volume increase, the platform still has a real chance of competing with other top futures platforms like CME or Binance.