TLDR:
Binance reached $100 trillion in combined spot and derivatives trading volume
OKX is the second-largest exchange with $25 trillion lifetime volume
Binance expanded mobile money payments in 6 African countries
BNB price trading around $600, with potential to rally towards $800
Binanceâs success strengthens its market position and impacts BNB price
Binance, the worldâs largest cryptocurrency exchange, has reached a historic milestone by becoming the first centralized exchange (CEX) to surpass $100 trillion in combined spot and derivatives trading volume.
This achievement solidifies Binanceâs position as the dominant player in the crypto exchange market and has significant implications for its native token, Binance Coin (BNB).
According to data from CCData, Binanceâs trading volume, which includes both spot and derivatives markets, has now crossed the $100 trillion mark. This figure dwarfs that of its closest competitor, OKX, which has recorded a lifetime trading volume of $25 trillion. Following OKX are Bybit and Bitget, with volumes of $13.2 trillion and $10.9 trillion, respectively.
The massive trading volume on Binance reflects the platformâs extensive reach and the substantial capital inflows into the cryptocurrency sector. It also highlights the growing interest in digital asset trading among retail and institutional investors alike.
Binance has been expanding its services in emerging markets. The exchange recently added mobile money payment options for cryptocurrency transactions in six African countries: Benin, Cameroon, Ivory Coast, the Democratic Republic of Congo, Togo, and Senegal.
This move follows the successful launch of Binanceâs One Click Buy and Sell (OCBS) service in other African nations earlier this year.
By integrating mobile money payments, Binance aims to improve financial inclusion and provide more accessible entry points to the digital economy for African users. This expansion strategy could potentially increase Binanceâs user base and trading volume in the region, further solidifying its market dominance.
The success of Binance has naturally drawn attention to its native token, BNB. As of the latest data, BNB is trading at approximately $597, showing resilience in a fluctuating market. The token has seen a 3.61% increase over the past week, with its market capitalization standing at $87.16 billion and a 24-hour trading volume of $1.48 billion.
Analysts are closely monitoring BNBâs price action, particularly as it approaches the $620 resistance level. Some speculate that if BNB breaks through this barrier, it could potentially rally towards $800, representing a 35% increase from its current value.
The relationship between Binanceâs trading volume and BNBâs price is complex. While increased trading activity on the platform doesnât directly translate to higher BNB prices, it can contribute to positive sentiment around the token. BNB is used for various purposes within the Binance ecosystem, including trading fee discounts and participation in token sales on the Binance Launchpad.
The post Binance Reaches $100 Trillion Trading Volume: Will it Trigger a BNB Rally? appeared first on Blockonomi.
