Binance has crossed yet another important milestone in its trading volume journey. The total spot and futures trading volume recorded by Binance exceeds $100 trillion, indicating the inflow of capital into the cryptocurrency industry and the growing desire for exposure to cryptocurrencies.
The news has likely kept investors optimistic as the native token for the crypto exchange, BNB is seeing a good positive trading. At the press time, the coin is up $606.67, up 1.78% as compared to the same time last day.
As of this writing, $12.3 billion worth of spot trades had taken place on Binance, while $43.15 billion worth of derivatives had been traded on the exchange, according to CoinMarketCap data.
The rise in the trading volumes comes on the back of a rise in interest in cryptocurrencies. Since access to cryptocurrencies has been easier, their popularity has increased. Despite the volatility in digital assets, the spike in interest comes as people are more keen on the decentralized markets.
Binance Leads In Market Dominance
As per CCData, Binance has surpassed 100 trillion US dollars in cumulative spot and futures trading volume. The crypto exchange at present stands at the top of the leaderboard in terms of trade volumes.
OKX comes in second place with 24.9 trillion US dollars, while Bybit and Bitget rank third and fourth with 13.2 trillion and 10.9 trillion US dollars, respectively.
However, it is interesting to note that Binance’s trading volumes come after it has lost a significant market share previously. According to Bloomberg, the largest cryptocurrency platform’s percentage of trading activity in the roughly $2 trillion digital asset market dropped to its lowest level in four years in September, suggesting that the company’s rehabilitation efforts are taking time to bear fruit.
According to researcher CCData, the market share of the largest cryptocurrency exchange in the world decreased to 36.6% last month from 42.7% at the beginning of the year. In terms of derivatives trading, Binance’s 40.7% share was likewise the lowest in four years, while its 27% share of the spot market was the lowest since January 2021.
Will BNB Token Continue Its Positive Trading?
With the latest advancements in Binance’s ecosystem, the BNB token has seen good trading days in the past. If this momentum continues, it is expected that Binance Coin will have increased by 19.37% in the coming month.
The Fear & Greed Index for the coin is currently reading 72 (Greed), and market technical indicators indicate that the mood is currently bullish. Over the past 30 days, Binance Coin has experienced 2.98% price volatility and 17/30 (57%) green days.