In a remarkable turn of events, Netcoins (TSXV: BIGG, OTCQX: BBKCF, WKN: A2PS9W), a Canadian cryptocurrency trading platform owned by BIGG Digital Assets Inc., has reported record-breaking trading activity throughout November 2024. This surge is primarily attributed to the soaring price of Bitcoin, which has recently approached the significant milestone of $100,000 USD.
During November, Netcoins achieved a trading volume exceeding $100 million CAD, marking a substantial increase fueled by Bitcoin’s price appreciation and a renewed positive sentiment within the cryptocurrency market. This impressive trading volume translated into over $1.5 million CAD in revenue for the company, making it the second-highest month of revenue in 2024. Notably, this figure represents a staggering 240% increase compared to November 2023.
Bitcoin’s value has seen dramatic increases since the U.S. elections, rising approximately 40% to reach a high of $99,800 USD. This bullish trend is not isolated to Bitcoin; several other cryptocurrencies, including XRP, SOL, ADA, and HBAR, have also experienced significant gains. The overall enthusiasm surrounding cryptocurrencies has contributed to a broader market resurgence, pushing the total value of the global cryptocurrency market beyond $3 trillion.
Netcoins has also reported a notable increase in customer assets under custody, which now stand at approximately $174.9 million CAD. This figure represents a 63% increase from Q3 2024 and an impressive 181% increase compared to Q3 2023. The growth in assets reflects not only increased trading activity but also a growing trust among investors in the platform’s capabilities.
Fraser Matthews, CEO of Netcoins, expressed optimism about the future of the crypto market and the company’s trajectory. He stated, “The crypto market has seen tremendous growth following the United States Presidential election. We have seen growth in trading volumes, client registrations, and assets under custody.” Looking ahead, Matthews highlighted plans for an upgraded version of their web application that will feature advanced trading tools and metrics aimed at enhancing user experience. This commitment to innovation is part of Netcoins’ strategy to position itself as a leader in retail cryptocurrency trading. The company aims to provide its clients with comprehensive tools and information necessary for building robust crypto investment portfolios.
BIGG Digital Assets Inc., which owns Netcoins along with Blockchain Intelligence Group and TerraZero Technologies Inc., is dedicated to fostering a safe and compliant environment for cryptocurrency trading.
