Cryptocurrency exchange Binance has today published a report on the exchange’s trading volumes during the month of July, revealing an overall monthly increase across the board.
Futures contracts on Binance generated positive returns, the exchange said in its statement today, with the top 10 performers in this class gaining no less than 45 per cent for the month.
Trading volume on Binance Futures increased by 25 per cent month on month, increasing from $87.6 billion in June to $109.4 billion last month. Furthermore, Binance Futures also recorded a new all-time daily high with more than $13 billion in volume traded on 28th July 2020.
Throughout the month, the company added 16 new derivatives, bringing the overall total of futures contracts up to 42, with 8 leveraged tokens.
During the month of July, the cryptocurrency exchange also noted a solid uptick in open interest, increasing by 55 per cent month on month, up from USDT 580 mm to USDT 900mm. The total open interest for the month was USDT 900 million, which was Binance’s largest open interest since its inception.
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ETH Trading Increases on Binance
In the seventh month of the year, Ethereum (ETH) was one of the best performing major cryptocurrencies, with prices rallying by more than 45 per cent during the month from $225 to $328.
Because of the price rally, the number of Ethereum wallets with more than 32 ETH has gradually increased, Binance said in its statement today. Now, more than 120,000 addresses are eligible to participate in staking.
“Two factors that appear to be driving the strong Ether rally are Decentralized Finance (DeFi) and Ethereum 2.0 upgrade,” the crypto exchange declared in the statement.
“Since the start of the year, investors are anticipating the Ethereum 2.0 upgrade, where its blockchain network will transit to a Proof of Stake consensus. The upgrade incentivizes users to participate in the network and enables them to earn staking rewards on their holdings over a long period. To qualify for staking rewards, users must hold more than 32 ETH.”
Binance also saw an uptick in Bitcoin trading, after the virtual currency crossed over the $10,000 mark, hitting $11,000 for the first time since 2019.