As an analyst with over a decade of experience in the financial industry, I find it fascinating to witness the dynamic growth and competition within the crypto space. Bybit’s recent surge in XRP futures trading open interest over Binance is a testament to the exchange’s strategic moves and customer appeal. However, it’s essential to note that Binance still leads in terms of overall trading volume for this particular market.
In other words, Bybit, which is the second-largest cryptocurrency trading platform in terms of volume, now has a greater number of ongoing contracts (open interest) for its XRP futures than Binance, the top exchange by trading volume. This shift occurs following Bybit’s recent growth into the Kazakhstan market, where they have been granted a full license to offer cryptocurrency trading services.
Bybit Tops Binance In XRP Futures Trading
According to Coinglass data, Bybit is leading Binance in terms of XRP futures trading. Currently, Bybit has a total of $195 million in active contracts for its XRP/USDT futures trading, while Binance has $172 million in open contracts for the same pair in its XRP/USDT futures market. This ‘open interest’ figure represents the number of derivative deals that traders are currently engaged in on these exchanges.
A larger open interest on Bybit might lead one to think it’s preferred by XRP traders over Binance. Yet, it’s not entirely accurate, as Binance still has a higher trading volume for the XRP futures trading pair compared to Bybit, which is currently the second-largest exchange in this market.
Over the past day, the leading exchange in terms of trade volume saw a whopping $419 million traded on its XRP futures market, compared to the second largest exchange which recorded a volume of $186 million on its own XRP futures market.
Simultaneously, Binance is leading the way in the XRP spot market, with a trade volume of approximately $131 million over the past 24 hours. Meanwhile, Bybit has recorded around $50 million in XRP spot trading during the same period. Both platforms are expected to keep competing fiercely as they are currently the top players by trading volume.
Expansion Into The Kazakhstan Market
Bybit surpasses Binance by securing a comprehensive license to deliver cryptocurrency services in Kazakhstan, making it the first platform with such approval from the Astana Financial Service Authority (AFSA). Earlier, both exchanges began operating within the market following the approval of regulatory authorities to apply for licenses. Yet, Bybit’s acquisition of a full license sets it apart as the pioneer enabling crypto trading in the country.
The cryptocurrency platform has revealed that complete approval enables them to provide a broad spectrum of offerings, encompassing digital asset transactions and safekeeping. Additionally, this approval empowers the platform to engage in investments on behalf of clients, functioning both as an agent and principal, while overseeing investment management for their customers.
On this platform, you’ll find a range of services including spot and derivative market transactions, margin trading, and cryptocurrency loans. As per the recent announcement, the Kazakhstan branch of our crypto exchange, accessible via “bybit.kz,” is scheduled to go live in mid-October 2024.
This notice comes after the platform introduced Islamic cryptocurrency accounts, designed specifically for Muslim traders’ requirements. These accounts do not provide interest, enabling Muslim investors to engage in trading cryptocurrencies without any complications.
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2024-09-27 19:30