Binance's volume skyrockets to $80 billion in a single day

The world’s largest crypto exchange by trading volume, Binance, recently reported that this volume skyrocketed yesterday to brand new levels. The exchange and its CEO, Changpeng Zhao, recorded an $80 billion-large volume within only 24 hours on January 4th.

Binance’s volume exceeds the 2017 record by four times

Binance’s CEO, popularly referred to as “CZ,” recently remarked on Twitter that the exchange has seen over $80 billion in trading volume. He also compared the new record to the last time this has happened — Bitcoin’s past record-breaking cycle from 2017.

Not only that, but he noted that the newly-recorded volume equates to the four-time the volume that the exchange saw back in 2017, between November 15th and December 15th.

Zhao also mentioned that Binance experienced some scaling issues, and that it is likely that something like that could happen again. He noted that the exchange is not perfect, but that it is trying to fix the issues and grow in accordance with demand.

Exchanges are breaking records thanks to Bitcoin’s volatility

The 24 hours before Zhao’s tweet were extremely busy on Binance. The exchange’s data shows that Binance’s spot volume alone was responsible for around $23.6 billion. Meanwhile, the rest of the money that was processed belonged to its derivatives, which saw approximately $57 billion in trade.

Binance also processed around $190 million in liquidations in only 10 minutes following Bitcoin’s price drop yesterday. This represents another new record for the exchange — one that took place as soon as the coin’s price went below $30,000.

But, Binance was not the only one that saw a sharp increase in volume. Crypto derivatives exchange, FTX, also saw approximately $10 billion, while the total volume processed by the five largest exchanges is around $180 billion.

So far, the rally has allowed Bitcoin — but also Ethereum — to see some impressive heights. Of course, other altcoins were affected, as well, particularly when it comes to the DeFi sector, which just made a new ATH concerning its TVL, which skyrocketed to $18 billion.