2gether monthly trading volume increases 2.5 times in January
2gether, a collaborative crypto-trading platform, has released new data showing crypto trading on the platform jumped 2.5 times in January 2021, totalling EUR37 million.
January’s numbers represent the highest trading volume in 2gether’s history.
Over the last four months, a series of events in the financial sector created an atmosphere ripe for cryptocurrency’s rapid ascent—to a point where the value of a single unit of bitcoin reached over USD$43,000. During this period, cryptocurrency owners were the beneficiaries of a hot market that gained momentum from uncertainty during the pandemic with traditional financial assets. Most recently, an endorsement from Elon Musk and the public outcry stirred by WallStreetBets’s challenge of Wall Street hedge funds has helped draw more attention to the cryptocurrency world. As a result, exchanges witnessed an uptick in trading, to a point where some faced technical overload. 2gether users joined the fray.
Between December and January, 2gether’s platform experienced a 130-percent rise in trading volume, from EUR16.2 million to EUR37.3 million—58.4 per cent of which consisted of crypto purchases, and the remaining 41.6 per cent sales. The company’s compound monthly growth rate (CMGR) for crypto trading between November 2020 and January 2021 was 56.91 per cent, offering optimism for February. More notably, crypto sales gradually rose more than 13 per cent from May 2020 to January 2021, with users repeating the benefits of a bull Ether and Bitcoin market.
“January has been an eventful month in finance, and the company’s data reflects crypto investor sentiments, with the highest trading volume in the company’s history,” says Ramon Ferraz, CEO of 2gether. “The record trading volume shows plenty of promise for the month of February and beyond, as we expect cryptocurrency markets will continue to soar.”