There’s been a lot of activity in the markets over the past week and this week is no exception. Specifically, there’s been higher activity in the market because the biggest exchange in the world, Binance recorded some massively big levels of order volumes on 22nd May.
Aside from the recent dump in the market, altcoins were making some big moves in the market. According to Changpeng Zhao (CEO of Binance), the exchange has been seeing a high number of orders as if it was the late-2017 bull run.
CZ said in a tweet:
“We are seeing much higher order volumes (number of orders) than Dec 2017/Jan 2018 (the peak)... Trade (not order) volume in USD is 1/3 of the peak, but BTC price is 1/3 and ETH price is only 1/5 of the last peak, most other main alt prices are even lower.”
The large number of users caused some difficulties for the exchange yesterday with CZ tweeting:
Much heavier load than even peak of 2017. Good problem to have. Working on it.— CZ Binance (@cz_binance) May 22, 2019
Some users actually recorded losses because of the amount of users on the exchange.
I've lost $1,000 do to your app lagging or freezing sell orders not go thru. Please help....— CryptoChrisE/KingKush LLC (@KingKushCo) May 22, 2019
Others saw the excitement in this over usage of Binance. One user said:
Bull run spotted!!!— Eswar Maruri (@eswar999sg) May 22, 2019