2gether triples monthly crypto trading volume in January

By Sunniva Kolostyak

Collaborative platform 2gether has seen crypto trading jump 2.5 times in January this year, reaching the highest trading volume in its history.

Between December and January, the Madrid-based cryptocurrency trading platform experienced a 130per cent rise in trading volume, jumping from €16.2 million to €37.3 million.

According to 2gether’s data, 58.4 per cent of the volume consisted of crypto purchases while the remaining 41.6 per cent stemmed from sales. 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.

Founded in 2016, 2gether is a collaborative marketplace bridging the gap between crypto users and traditional financial markets, enabling the trade of cryptocurrency at fair prices, as well as the use of digital coins and tokens to perform the same functions historically offered by fiat.

Commenting on the increase, Ramón Ferraz, CEO of 2gether, said January has been an eventful month in finance, and the company’s data reflects crypto investor sentiments. “The record trading volume shows plenty of promise for the month of February and beyond, as we expect cryptocurrency markets will continue to soar.”

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 $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.

The company’s compound monthly growth rate (CMGR) for crypto trading between November 2020 and January 2021 was 56.91 per cent.