Bitcoin (BTC) experienced a 40% volume increase over the last few days, seeing a jump from $3.1 billion to $4.3 billion. As the flagship crypto jumped, the rest of the market followed with a significant rise of volume at $10 billion move to $13 billion. Many of the altcoins had volume increase in the range of 3-5% while the third leading coin by market cap, Ripple’s XRP, increased by 12% over the past day, seeing its volume jump from $400 million to $800 million.
On November 6, Blockchain Transparency Institute (BTI), crypto exchange rankings platform, had adjusted their exchange ranking methodology, by developing a new system of drawing on different metrics, in an attempt to obtain a more accurate representation of actual exchange volumes. The BTI published a report showed that the volume of many leading crypto exchanges are in recovery mode. Binance has topped the chart, taking the first place, as it had achieved a daily trading volume of $1 billion. According to the report, South Korean cryptocurrency exchanges seems to be generating the most volume of digital assets that held upward price movements.
The August 2018 report showed excessive wash trading,the illegal process of buying shares of a company through one broker while selling shares through a different broker, at 7 of the top 10 exchanges on CoinMarketCap. The wash trading has led to exchanges requesting listing fees up to 60 BTC.
In order for the BTI to better report on the true volume of trading platforms, they’ve formed transparency partnerships in order to gain information with first access from various exchanges and token issuers.
The speculation surround the markets recovery in price and volume is due to further institutional investors interest in the crypto ecosystem, with the notable inclusion of Bakkt Bitcoin futures market set to launch in December as well as the announcement of Fidelity’s digital asset custody services.