The price of Bitcoin rose significantly in January. The Chicago Mercantile Exchange (CME) also hit record trading numbers for Bitcoin (BTC) futures that same month.
“In January, the average daily BTC volume (ADV) hit a monthly record of 17,549 contracts (87.7,000 bitcoin equivalents),” a CME representative told Cointelegraph. Each CME Bitcoin futures contract is worth 5 BTC, which is paid out in dollars.
“In December 2020, the average daily BTC volume (ADV) reached 11,179 contracts (55.9,000 bitcoin equivalents),” added the representative. “This corresponds to an increase of + 57%.”
In January, Bitcoin rose from $ 30,000 to nearly $ 42,000, according to TradingView data. The previous month, the asset had broken its long-term record high of around $ 20,000, rising to nearly $ 30,000 by the end of 2020.
“We continue to see strong interest in our Bitcoin futures contracts. 528 accounts were added in January. This helps increase the average daily BTC volume (ADV) to a monthly record of 17,549 contracts (87.7,000 bitcoin equivalents), up 63% year over year, “the CME rep said.
CME’s BTC futures trading product has gained a significant number of users since its launch in December 2017. “More than 7,400 unique, active accounts have been traded since launch,” CME said in a recent report with numbers up to February 17th. In 2021, 733 were added, 2.3 times more than in 2020, ”the report added.
Bitcoin recently fell more than $ 13,000 from its previous record high, although the asset has since regained ground, trading at around $ 49,200 at the time of publication.