Bitcoin’s price rose significantly in January. The Chicago Mercantile Exchange, or CME, also hit record Bitcoin (BTC) futures trading numbers in the same month.
“In January, BTC average daily volume (ADV) reached a monthly record of 17,549 contracts (87.7K equivalent bitcoin),” a CME representative told Cointelegraph. Each CME Bitcoin futures contract is worth the value of 5 BTC paid out in dollars.
“In December 2020, BTC average daily volume (ADV) reached 11,179 contracts (55.9K equivalent bitcoin),” the representative added. “This represents a +57% increase.”
In January, Bitcoin rose from $30,000 up to almost $42,000, according to TradingView data. The month before, the asset had broken its longstanding record high of approximately $20,000, surging up to nearly $30,000 by the end of 2020.
“We are continuing to see robust interest in our Bitcoin futures contracts, with a record 528 accounts added in January, helping drive BTC average daily volume (ADV) to a monthly record of 17,549 contracts (87.7K equivalent bitcoin), up 63% YoY,” the CME representative said.
CME’s BTC futures trading product has gained a notable number of users since its inception in December 2017. “7,400+ unique, active accounts have traded since launch,” CME said in a recent report showing numbers up to Feb. 17. “Of those, 733 were added in 2021, 2.3x more than in 2020,” the report added.
Bitcoin recently dropped more than $13,000 from its last record high, although the asset has since regained some ground, trading at around $49,200 as of publication time.