Binance Achieves Record $100 Trillion Trading Volume: How Will BNB Benefit?
Reports from CCData indicate that Binance has reached an unprecedented milestone by hitting $100 trillion in trading volume, making it the first Centralized Exchange (CEX) to do so. This massive volume encompasses both derivatives markets and spot trading activities.
By achieving this feat, Binance has solidified its position as the leading exchange in the industry, showcasing remarkable growth and attracting significant capital inflows into the crypto market.
Following closely behind, OKX has also experienced substantial growth, emerging as the second-largest exchange with a lifetime trading volume of $25 trillion. Bybit comes in third with $13.2 trillion in trading volume, while Bitget follows with $10.9 trillion.
Implications for BNB
With Binance’s continued expansion and market dominance, investors are now closely monitoring the performance of its native token, BNB.
Despite a minor decline in BNB’s price, currently trading at $595 with a 0.30% drop over the last 24 hours, the altcoin had been on an upward trend, increasing by 3.63% weekly and 3.42% monthly prior to the recent dip.
Despite the daily setback, overall market sentiment towards BNB remains positive.
For instance, the Long/Short Ratio for BNB stood at 1.3079 on the 4-hour timeframe, indicating a preference for long positions among investors, anticipating price appreciation in the near future.
This preference for long positions is further evidenced by the decrease in total liquidations over the past week, particularly the decline in liquidations for long positions from $3.77 million to $14.37k in the last three weeks. This drop suggests that investors holding long positions are willing to pay shorts to maintain their trades even during market downturns.
In summary, Binance’s record-breaking trading volume has created a favorable environment for BNB, with the altcoin experiencing positive market conditions amid the surge. As long as these conditions persist, BNB is poised to challenge the next significant resistance level at $618.