Binance Hits Major $100 Trillion Historic Milestone

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As a seasoned researcher with over two decades of experience in the financial markets, I must say that the achievements of Binance are nothing short of phenomenal. I remember when cryptocurrencies were just a distant dream and centralized exchanges were unheard-of. To see Binance surpass $100 trillion in cumulative trading volume is truly a testament to their relentless pursuit of excellence and innovation.

Globally renowned cryptocurrency trading platform Binance has made a significant milestone in trading volume. The combined total of its spot and derivative trades surpassed the 100 trillion US dollar mark, as reported by CCData.

This proves Binance to be the dominant force in both spot and derivatives trading.

Binance makes history

This month, Binance reached an impressive achievement as it became the initial centralized platform to exceed $100 trillion in total trading volume for spot and derivative markets, which signifies a noteworthy milestone in the world of cryptocurrencies.

OKX trails slightly behind with a trading volume of approximately $24.9 trillion, followed closely by Bybit ($13.2 trillion) and Bitget ($10.9 trillion). Lastly, HTX completes the top five with around $10.2 trillion in trading volume.

Even after shutting down in November 2022, FTX continues to rank as the sixth-largest cryptocurrency exchange by total trading volume throughout history. This fact highlights the significant trading activity that occurred before its closure and the enduring influence it had on the industry.

Bitcoin returns surpass expectations

Bitcoin ended the third quarter with a slight increase of 1.00%, bouncing back after dipping below $50,000 in August. As we move into the fourth quarter, there’s growing optimism in the market, bolstered by historical trends indicating an average gain of approximately 49.9% during Q4 since 2014.

As a researcher, I’m finding an uptick in my optimism due to a noticeable change in market dynamics post the Federal Reserve’s decision to lower interest rates by 0.5%. This move appears to have invigorated market activity, as evidenced by Bitcoin’s open interest increasing by approximately 6%, reaching nearly $27 billion in total.

The price of Bitcoin climbed above $62,000, showing a robust optimistic trend, and other digital currencies (altcoins) also rose, surpassing the performance of U.S. stocks that experienced erratic fluctuations.

The superior performance in the cryptocurrency market hints at potential future liquidity increases, given that a rate cut typically signals macroeconomic vulnerability following a prolonged tightening phase. If additional economic support becomes necessary, assets considered risky such as Bitcoin are anticipated to thrive the most, with an upward trend expected to persist in the short term.

PEPE and FLOKI lead meme coin segment

This week’s Coin of the Week (COTW) evaluation focused on the returns of the top 100 assets ranked by trading volume. CCData analyzed their performance since the bullish trend of Bitcoin started in October 2023, which coincided with its climb to unprecedented peak values and set the stage for the ongoing bull market.

Remarkably, the meme coins PEPE and FLOKI are currently leading the pack with significant increases, reporting returns of approximately 1501% for PEPE and 698% for FLOKI.

Even with a substantial market value, Solana demonstrated impressive growth, skyrocketing by an astounding 599%, thereby reinforcing its status as one of the leading high-performers in the asset class.

Conversely, certain assets struggled noticeably during that timeframe. Specifically, CRV, ATOM, and ARB experienced drops of 39%, 32%, and 30% respectively, which placed them among the least successful investments for that period.

These results highlight the mixed outcomes for various tokens during this ongoing bull run.

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2024-10-19 12:30