Cryptocurrency Exchange Bitrue Exceeds 4 Million Registered Users as XRP Trades at Multi-Year Highs

Bitrue, a cryptocurrency exchange, announced it has surpassed 4 million registered users amid the recent surge in volatility in cryptocurrency markets. The digital assets exchange witnessed stronger trading activity on its platform thanks to the latest surge in the price of Ripple’s native token XRP.

“Amid the latest $XRP bull run the Bitrue platform has been reaching its own all time highs,” Bitrue said in a tweet.

Bitrue notes that the daily trading volume on its cryptocurrency trading platform soared 400% recently as XRP price exploded higher on the better-than-expected outlook for Ripple in the lawsuit against the US Securities and Exchange Commission (SEC).

“We’ve seen a phenomenal 400% increase in trading volume, which to us is a strong sign that 2021 is going to be the year that cryptocurrencies truly go mainstream,” Adam O’Neill, Chief Marketing Officer at Bitrue, said.

XRP/USD went from trading at $0.5650 on April 04 to $1.9669 in just 10 days. This marks the highest level recorded for the payment-processing digital asset since January 2018. Bitrue said it remained “steadfast” in support of XRP after numerous exchanges delisted the coin at the beginning of the year.

Bitrue adds that its decision not to remove XRP from its platform “has paid dividends with the XRP community” as the digital asset exchange benefited massively from the recent surge in price. Higher trading activity in XRP/USD brought new users to Bitrue, with the company now reporting 4.2 million registered users.

“Every single week we are breaking our own records for trading activity, new user signups, and most other metrics that we track. The reasons for this boom are numerous – companies and celebrities are increasingly endorsing crypto, coins are reaching all time highs, and trust in the old financial institutions is reaching record lows,” O’Neill adds.

According to Bitrue, its platform witnessed inflows of over 1 million new registered users in the past 6 months as crypto retail traders rushed to exchanges to get exposure to the recent XRP volatility. As a result, the number of monthly active traders soared by 130%, the company said.

In addition to XRP, other major digital assets have also experienced strong trading activity and high volatility. For instance, Cardano (ADA) price is trading at levels that are 70 times higher compared to a year ago.

The wider crypto ecosystem was boosted by the recent direct listing of Coinbase, which marks a huge milestone for the emerging cryptocurrency industry. The US-based exchange saw its market capitalization exceed $100 billion at one point during Wednesday’s public debut.

“All exchanges were watching the Coinbase listing very closely, as the success of any single exchange is tightly linked to the success of others. Right now it’s a group effort from all of us to popularize the entire industry,” notes O’Neil, before adding that he is pleased with Coinbase’s success.

Following the latest uptick in the number of registered users and active traders, Bitrue now has $2 billion in assets belonging to users on their exchange, the company said.

Original Source : coinquora.com

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