Coinbase has released a report, detailing the positive effects of the current economic plunge, on its platform.
The crypto market took a downslide on March 12 as a result of the COVID-19 pandemic which brought a halt to financial markets worldwide.
Traders’ response to the downslide in the crypto market was quite noteworthy, as they took advantage of the dip and increased trading activity. While Bitcoin (BTC) stayed down, Coinbase recorded an impressive increase in general activity as the number of new signups doubled, leading to a tripling of the number of active users on the platform.
According to the report released on March 31st, Coinbase recorded its highest trading activity within 48 hours, larger than the average number recorded in the last 12 months. A total of $1.3 billion in both crypto and fiat, was deposited into the platform within the period.
The report also showed that Bitcoin was the most preferred of all the supported assets on the platform. Bitcoin’s total trading volume jumped 6 times, pulling a 69% buy-ratio. Ether (ETH) is the platform’s second most-preferred asset as its total volume jumped seven times with the number of traders jumping 5 times. ETH’s buy-ratio jumped to 65%.
Other cryptocurrencies including Tezos (XTZ) and Chainlink (LINK) attracted a seven times increase in total volume with a five times increase in the number of traders.