Binance breaks record with $100 trillion in trading volume
2 min readBinance, one of the world’s largest cryptocurrency exchanges, has reached an impressive $100 trillion in combined spot and derivatives trading volume.
This significant milestone reinforces the platform’s position in the market and has sparked speculation about a possible rise in the value of Binance Coin (BNB).
The significant increase in trading volume indicates a growing interest from investors in digital assets and only proves Binance’s position as one of the main hubs of movement in the sector.
Exchanges like Bybit and Bitget also gain ground
According to CCData, Binance has achieved an unprecedented milestone by becoming the first centralized exchange (CEX) to reach $100 trillion in trading volume. With this feat, the platform has solidified itself as the largest cryptocurrency exchange in the world.
Meanwhile, OKEx, which has been continuously improving its services, ranks as the second largest exchange with a cumulative volume of $25 trillion.
Interestingly, even after ceasing operations in November 2022, FTX still ranks as the sixth largest exchange by total trading volume.
This status reflects the impact the platform had prior to its closure, and serves as a reminder of the risks and volatility inherent in the digital asset market.
Other exchanges, such as Bybit and Bitget, also stand out, with volumes of US$13.2 trillion and US$10.9 trillion, respectively, occupying the third and fourth positions in the ranking.
These platforms have gained relevance by offering better user experiences and a more diverse range of products.
Binance increases financial inclusion in Africa
Binance, in addition to being a giant in the crypto sector, has been expanding its operations in Africa. It has offered new payment options via mobile money for cryptocurrency transactions in six countries on the continent.
With this expansion, users in Benin, Cameroon, Ivory Coast, Democratic Republic of Congo, Togo and Senegal can now purchase digital currencies using mobile money, a convenient and affordable alternative.
The expansion follows the success of the “One Click Buy and Sell” (OCBS) service, launched in other African countries earlier this year.
Market eyes possible rise in BNB
Binance continues to consolidate its leadership position in the cryptocurrency market, expanding its services and maintaining high trading volumes.
As a result, the price of BNB (Binance Coin) has attracted attention. The asset is currently trading at around $600, demonstrating some resilience in the face of a volatile market.
However, all eyes are on the next big challenge: the resistance level at $620. If the BNB price manages to break through this barrier, a significant rise towards $800 could occur. This would represent a gain of 35% compared to the current value.
At the moment, the price of Binance Coin is at $597.27, marking a 3.61% increase in the last 7 days.
Finally, the coin’s market cap is an impressive $87.16 billion, with a trading volume in the last 24 hours of $1.48 billion.
