Ah, dear reader! For the past two moons, the realm of cryptocurrencies has been caught in a tempest of correction, akin to a hapless traveler who has lost his way in a foggy night. The once-mighty spot trading volume of bitcoin (BTC) and its colorful companions, the altcoins, has plummeted by tens of billions of dollars, as if they were cast into a bottomless pit!
Yet, lo and behold! The grand colossus of crypto exchanges, Binance, stands tall and unyielding, like a stubborn cabbage in a field of wilted lettuce. Despite the market’s dramatic swoon, Binance has managed to increase its share of the spot trading volume, as if it were a magician pulling rabbits from a hat at the end of the first quarter. 🎩🐇
Binance: The Sovereign of Spot Volume
According to the wise sages at CryptoQuant, the spot trading volume of bitcoin on exchanges has tumbled from a dizzying height of $44 billion on the third day of February to a mere $10 billion by the quarter’s end. Altcoins, too, have not escaped this fate, their total trading volume crashing from $122 billion to a paltry $23 billion, as if they were leaves blown away by a gust of wind.
While the overall trading volume has taken a nosedive, Binance has seen a curious uptick in activity, as if it were a lively tavern amidst a desolate village. This curious phenomenon suggests that while other exchanges have withered like old bread, Binance has become the bustling marketplace of liquidity during these turbulent times. 🍞💧
From the fateful day of February 3 to the end of the first quarter, Binance’s share of total Bitcoin spot trading volume has surged from 33% to a staggering 49%, while the altcoin share has leapt from 38% to 44%. It now holds court over nearly half of the total crypto spot trading volume, as if it were the king of a vast and chaotic kingdom!
The Grand Liquidity Venue Amidst the Storm
To further bolster this claim, CryptoQuant has revealed that during the tumultuous days of February 24 to 26, when BTC took a nosedive from $96,000 to $90,000, Binance’s spot trading volume eclipsed that of all other platforms combined! It was as if the exchange had become a lighthouse guiding lost ships through a stormy sea. 🌊🚢
Despite the market’s upheaval, Binance’s altcoin trading volume soared to an impressive 64%, raking in a total of $18 billion, as if the exchange were a glutton at a feast, devouring all that it could! 🍽️
Moreover, CryptoQuant has unearthed that certain altcoins have displayed a surprising resilience, maintaining relatively high trading volumes even amidst the market’s correction. Traders are flocking to large-cap assets like Binance Coin (BNB), Toncoin (TON), and EOS (EOS) with fervor, as if they were moths drawn to a flickering flame, oblivious to the surrounding darkness.
Meanwhile, in a twist of fate worthy of a tragicomedy, Binance has announced plans to delist several altcoins on the 16th of April, including Badger (BADGER), Balancer (BAL), Beta Finance (BETA), and others. This decision, made through the exchange’s Vote to Delist mechanism, has left many users scratching their heads in bewilderment, as if they were trying to solve a riddle posed by a mischievous sprite. 🧚♂️
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2025-04-11 06:52