The crypto market experienced one of the biggest dips in March, 2020 as the whole world slowed down owing to the novel Coronavirus pandemic. CryptoCompare's latest review on digital currency exchanges, however, shows that they recorded the highest volumes ever as the market crashed between 12th and 13th March. According to the stats, total daily volumes for all exchanges hit a record high of $75.9 billion which was inclusive of normal and derivative crypto assets.
OKEx Crypto Exchange Dominates the Market
Notably, the rising crypto derivative market surged by 5% compared to the volumes traded back in February; this brought the monthly total to $600 billion. While a number of crypto exchanges contributed to this volume, OKEx maintained the top position as a spot and derivatives digital currency exchange. The platform’s volumes have been increasing month on month since we began the year with the latest being a 12% jump in March, 2020. Given the improvement, OKEx went on to record $161 billion in crypto derivative volume last month.
OKEx was closely followed by Huobi and BitMEX whose monthly volumes were $147 billion and $110 billion respectively. However, unlike OKEx volumes which surged, the March statistics on Huobi and BitMEX show as 12.6% and 5.3% drop compared to the previous month.
A recent tweet by OKEx CEO, Jay Hao, hailed the platform’s resilience despite the current unstable markets globally,
New Market Opportunity for OKEx after COVID-19
The Coronavirus pandemic has inevitably changed a good percentage of the normal operations in modern-day society. Despite being a challenge, some firms are already preparing for the market bounce back with OKEx being an example in the crypto scene. According to the firm’s CEO, Jay Hao, they have embarked on in-depth analysis of the current market trends in a bid to capitalize on the opportunities for value growth,
“The crypto market has been undergoing an unprecedented time, particularly the recent bitcoin slump and the global impact brought by the coronavirus. Given the drastic changes in consumers’ internet browsing behaviors, we observe their investment strategies and portfolio are showing new patterns,”
It is quite noteworthy that OKEx attributes some of its recent success to zero-clawbacks within the platform during the March market crash. Jay Hao’s tweet at the time highlighted that the exchange’s risk management had so far been efficient given 0% clawbacks as well as 0% profits from any arbitrage positions. In addition, OKEx facilitated 300k orders per second as more crypto stakeholders rushed to liquidate their positions amid the high volatility. To provide their global users with better management of small balances, OKEx recently launched a conversion tool which allows users to convert small balances to OKB. With this history, OKEx is optimistic of favorable market conditions for exponential growth once the world returns to normalcy.
