As the world faces an economic crisis, thanks to the coronavirus pandemic, the price of Bitcoin is going up. On April 29, Changpeng Zao, CZ, took to Twitter to share the good news that Binance hit $11 billion in trading in 24 hours. Binance is the largest crypto exchange in the world.

According to the CZ, Binance has seen all-time-highs in trading numbers, but in trading volume, $11 billion was an indication the market is headed up. The last time Binance traded a figure close to $11 billion was in 2018.

Value of Cryptos Expected to Rise

Crypto traders were happy with the increase in volume; some were citing that the volume might continue rising in the days and months to come.

As the value of Bitcoin and other cryptos rises, smaller crypto exchanges are having problems handling the increasing volumes. However, Binance has comfortably handled all the transactions, even with increased volume. Binance has found favour among traders online for its robust systems.

The Bitcoin halving event is coming in the next two weeks. The buzz the media is creating around this event has piqued the interest of many traders around the world. In those two weeks, the price of Bitcoin might have surged higher.

The economic crisis the world is facing as a result of the pandemic is helping the value of Bitcoin and other cryptocurrencies. FIAT currencies are losing value and banks, governments, and traders are looking for alternative ways to salvage their economy or wealth.

For the better part of 2019, the value of Bitcoin plummeted, but the market share of cryptocurrency still went up. In January, Nexo co-founder, Antoni Trenchev, communicated to Bloomberg that the price of Bitcoin could increase its value to $50,000 by the end of 2020. According to Trenchev, other markets do not affect the value of Bitcoin. He continues to note that because the idea of using Bitcoin in daily shopping failed to materialize, Bitcoin has turned to be the new gold. Crypto only needs to take 10 per cent of the gold market to rise to $50,000.