The price of Bitcoin rose, and with it, the volume of Bitcoin trading on the Binance platform reached record levels.

In addition, open interest in bitcoin futures contracts has reached an all-time high of $1.1 billion.

Bitcoin price climbed comfortably above $18,500 during this continuous rally, as a result both trading volume and open futures contracts benefited from the upward momentum in the price of Bitcoin.

According to the data received from the websiteBlocCryptocurrency daily volume has risen to an all-time high, surpassing previous highs identified during the biggest Bitcoin rally between late 2017 and early 2018.

Trading volume on Binance breaks to an all-time high pic.twitter.com/3sGk5jTYLW

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– Larry Cermack (lawmaster) November 24, 2020

The chart above shows Bitcoin trading volume, which has seen several spikes in the past three years, most recently during the summer of this year.

But now that Bitcoin has reached the threshold of $ 19 thousand, which is approaching its all-time high, the trading volume has also risen to record numbers, especially on the Binance platform.

This may be due to Binance giving American users 14 days to leave the platform, and accordingly many Binance users may move and withdraw their coins, which may cause an increase in trading volume on the platform.

But this does not explain the sudden rise in bitcoin futures, which usually coincides with the rise of bitcoin.

Bitcoin futures contracts:

Bitcoin futures contracts are basically agreements that force a trader to buy or sell a certain amount of bitcoin at a specific time and price, now these contracts are at an all-time high.

What are bitcoin futures contracts? How does it work?

According to data published by Glassnode, futures open interest on Binance has now exceeded $1.1 billion.

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Open interest on futures contracts has risen over the past week, and has steadily increased to an all-time high of nearly $700 million, reaching nearly $1.1 billion.

# bitcoin Open interest futures on #finance Reaches an all-time high (~$1.17 billion)

Schedule: pic.twitter.com/1ohynfUiyf

– glassnode (glassnode) November 24, 2020

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Binance owns about a quarter of the value of the Bitcoin futures market, which is $4.1 billion.

Other notable trading platforms in the bitcoin futures market are “Bit” and “BitMEX” which hold $1.1 billion and $700 million each respectively.

Bitcoin futures benefit from price changes.

Futures contracts are usually an indicator used to study the direction of the market because they are used to speculate on price increases.

Read also:

Why did the price of bitcoin go up? Here are five main reasons

What is the “Binance Smart Chain” network? How does it work?