LMAX Digital Sets New Crypto Volumes High
Posted by Colin Lambert. Last updated: May 16, 2021
In another encouraging sign for the cryptocurrency world, LMAX Digital transacted just shy of $5.1 billion worth of cryptocurrencies on its platform on Thursday May 13 – a new high-water mark for the growing venture.
The volume surge coincided with a drop in the value of bitcoin after Tesla CEO Elon Musk reversed a decision earlier this year to accept the cryptocurrency as payment for the company’s cars. Crypto enthusiasts will probably be further heartened by the record coming on a day when bitcoin was not in the ascendancy – a hint, perhaps, that it is becoming a more mature market in trading terms.
In a commentary published by LMAX Digital, the firm says bitcoin trading levels were up 96% from 30-day average volume, coming in at $2.5 billion on Thursday, while Ether volume continued to skyrocket, up 149% from 30-day average volume, coming in at $1.4 billion.
“It was also impressive to see such strong volume with demand persisting into dips and cryptocurrencies so well supported,” the firm added.
Average trade sizes held steady for the most part on Thursday. BTCUSD trade size at LMAX Digital came in around $12,000, near the bottom of the 30-day range. Average ETHUSD trade size nudged up a bit from the previous day, just over $9,000 and close to its 30-day high around $10,000.
The new high reinforces the positive atmosphere coming from LMAX Digital, indeed aside from the first two days of the month (which were over a weekend, however the platform continues to support trading at weekends) average daily crypto volume stands at $2.5 billion month-to-date, a significant increase from previous months that have, during 2021, been in the $1.6 billion region per day.
Indeed, aside from the aforementioned days at the start of May, LMAX Digital has seen ADV over $1 billion for 32 days. This compares favourably with 2020, when the platform had 16 $1 billion days in the entire year, 13 of which came in December.