Bakkt has recorded its all-time high record since the day of launch as 1,756 Bitcoin Future Contracts traded on Nov.9 and the worth of these bitcoins are almost $15.5 million. Another point to be noted and linked with its rise that bitcoin price dropped and made a sudden move below $9,000.
If we go back to September, the month of Bakkt’s launch, we came to know that its early days were very tough and the daily volume was not very satisfactory. The daily traded contracts in its early days were not more than $1 million and on some days, $200,000 was the maximum limit.
The important feature of the Bakkt which distinguishes it from other companies is the capability to make physically-based contracts and 98% of contracts settled other than Bakkt are not physical.
Bakkt, first day volumes: 71 bitcoin.
CME, first day volumes: 5298 bitcoin.
That's a 75x difference.
— Alex Krüger (@krugermacro) September 24, 2019
Bakkt’s change in Volume due to Volatility
It is observed on many occasions that the volume of traded contracts changes with the change in cryptocurrency. When the price of bitcoin dropped by $500 on Oct.24, the volume on Bakkt was recorded almost $4.8 million. Today, it is also seen that BTC when went below the level of $9,000, the volume of futures contracts has automatically surged to it’s all-time highest value.
So, it is confirmed that when digital gold makes some big moves then the volume will automatically change.
Bakkt is making Progress Day by Day
The company is making progress day by day and steadily making its pathway towards success. When it was launched in the market, its competitive firms were very strong as compared to Bakkt. Its early performance was not very satisfactory and we constantly heard from many analysts that it failed to make its place in the market. But on the other hand, it was also in the consideration that investors and traders are slowly moving towards it. Now, it is making new records every month.