After breaking its previous all-time-high on Friday, Bakkt’s Bitcoin futures platform seems to be on its way to smash yet another record.
Of course, it’s too early to make a prediction at this juncture as interday trading has progressed only about five percent, as of the time of this writing. However, seeing that already 266 BTC futures contracts have been traded on the platform, it probably wouldn’t be far-fetched to imagine a new all-time-high later today.
∙ Today's volume so far: 240 BTC
∙ Last traded price: $9,460.00
∙ Trading day progress: 3%
∙ If this continues, 100% would equal to: 8000 BTC
— Bakkt Volume Bot (@BakktBot) October 28, 2019
Bakkt off to a Flying Start
Bakkt’s ongoing momentum started last week on Oct 23 — exactly a month after its official launch. As BeInCrypto reported, the platform started the day on a high note by facilitating 370 contracts one-third through the trading day.
The momentum slowed down significantly in the latter half and the tally at the end of the day stopped at 640 BTC — which was still exponentially higher when compared to the previous day’s figures at 85.
A couple of days later, Bakkt smashed out yet another stellar performance — relatively speaking — by facilitating 1,179 Bitcoin futures contracts on Friday. Even on that day, the tally somewhat dried up in the latter half as compared to the flying start earlier.
A Healthier BTC Means Higher Bakkt Volumes to Come
Bakkt’s stellar performance on Friday was attributed to Bitcoin’s revival from an overwhelming bearish trend that saw the asset plummeting to the low-$7,000s on Wednesday last week. On Friday, a day after Chinese President Xi Jinping’s Oct 24 speech endorsing blockchain, the asset entered a new bullish phase by climbing all the way up to $10k and beyond. It later settled in the $9,300 – 9,500 range and has maintained that status quo since.
On that note, earlier today, another key Chinese official urged commercial banks in the country to treat blockchain adoption on a priority basis. It remains to be seen if this latest endorsement of the technology within the Chinese establishment further adds to BTC’s momentum.
Institutional Interest Increasing
Meanwhile, institutional investment in Bitcoin and other cryptocurrencies is also consistently on the rise, as BeInCrypto had earlier reported.
With Fidelity Digital Assets now opening its doors to a broader range of investors, fresh capital inflow from institutions is likely to further increase in the foreseeable future.
Images courtesy of Twitter, Shutterstock.
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