Tweeting on Monday, the chief executive of Binance Changpeng Zhao, stated that trading volume on the platform was twice its previous all-time high (ATH), reaching over $80 billion. According to the data from CoinMarketCap, Binace spot volume at over $23.6 billion, while the derivatives volume was at $56.8 billion.
According to Cryptopotato, such is the extent of the current increase in crypto trading volume that the $80 billion recorded by Binance is two times greater than the figures recorded between Nov. 15th, 2017 and Dec. 15th, 2017, the peak of the 2017 crypto bull run.
Nevertheless, clearing $80 billion in trade did come at some platform disruption costs to the exchange with Zhao stating:
“We saw some scaling issues today. We probably will see more issues as we continue to grow. We aren’t prefect, but we will fix them as quickly as we can. We appreciate your understanding and support!”
Exchanges experiencing service disruptions during periods of peak crypto trading activity are a usual occurrence. In fact, U.S. crypto trading giant Coinbase has earned notoriety for going offline when bitcoin’s price experiences a notable surge leaving customers unable to trade.
In Dec. 2020, Bitcoin’s run-up above the $20,000 price mark saw both Coinbase and Binance suffer service outages as high trading traffic overwhelmed their systems.