Binance cryptocurrency exchange has achieved a historic milestone by surpassing $100 trillion in combined spot and derivatives trading volume. This accomplishment reaffirmed its dominance and prompted speculation on the potential uptick in Binance Coin (BNB). As the central figure in the trading arena, the exchange’s trading volume signifies intensified interest in digital assets trading.
Binance Hits Historic $100T Volume, Leads Crypto Exchange Market
Binance has set a new benchmark in the cryptocurrency market by becoming the first centralized exchange (CEX) to exceed $100 trillion in cumulative trading volume. This achievement solidifies Binance’s position as the global leader in crypto trading, outpacing all other crypto exchanges.
The volume includes spot and derivatives markets, reflecting the platform’s extensive reach and the capital flowing into the crypto sector.
Moreover, OKX is the second-largest exchange, with a lifetime trading volume of $25 trillion. OKX continues to enhance its services to maintain competitiveness. Interestingly, despite its collapse in November 2022, FTX still holds the position of the sixth-largest exchange by cumulative volume.
The defunct platform secured this ranking based on the significant trading volume it commanded before ceasing operations. The lingering presence serves as a reminder of the volatility and risks associated with digital asset exchanges.
In addition, other exchanges, such as Bybit and Bitget, have been steadily gaining ground, ranking third and fourth, with trading volumes of $13.2 trillion and $10.9 trillion, respectively. These platforms gained attention through a combination of enhanced user experiences and diversified product offerings.
Market Expansion Through Mobile Money Across Africa
Beyond its trading dominance, Binance has also expanded its services in Africa, integrating mobile money payments for cryptocurrency purchases in six new countries. This initiative allows users in Benin, Cameroon, Ivory Coast, the Democratic Republic of Congo, Togo, and Senegal to buy cryptocurrencies through mobile money services.
The expansion improves financial inclusion by providing more accessible entry points to the digital economy for users across Africa.
Additionally, the move follows the success of the exchange One Click Buy and Sell (OCBS) service, which was launched in other African countries earlier this year.
BNB Price Poised for Potential Rally
With Binance continuing to make strides in trading volume and expanding its services, attention has turned to the BNB Price. Currently trading around $600, BNB Price has shown resilience in a fluctuating market. Analysts are watching closely as the coin approaches the $620 resistance level. If BNB Price breaks through this barrier, a rally toward $800 could be on the horizon, representing a 35% increase from its current value.
At press time, Binance Coin (BNB) price is $597.27, up 3.61% over the past 7 days. The market cap stands at $87.16 billion, with a 24-hour trading volume of $1.48 billion.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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