Binance Hits Major $100 Trillion Historic Milestone
Release: 2024/10/19 17:20 Reading: 679
Binance Surpasses $100 Trillion in Combined Trading Volume
Binance, the world's leading cryptocurrency exchange, has achieved a significant milestone in trading volume. Its cumulative spot and derivatives trading volume has surpassed the 100 trillion U.S. dollar mark, according to data from CCData.
Binance Dominates Spot and Derivatives Trading
This achievement cements Binance's position as the dominant force in both spot and derivatives trading. [Source: CCData]
Historic Moment for Binance
This month, Binance became the first centralized exchange to surpass $100 trillion in combined spot and derivatives trading volume, marking a historic moment in the crypto industry.
OKX Trailing Behind
OKX follows at a distant second with $24.9 trillion in trading volume, while Bybit and Bitget rank third and fourth with $13.2 trillion and $10.9 trillion, respectively. HTX rounds out the top five with $10.2 trillion.
FTX Still a Force
Despite ceasing operations in November 2022, FTX still holds the position of the sixth-largest exchange in terms of all-time trading volume. This highlights the magnitude of its trading activity prior to its collapse and its lasting impact on the industry.
Bitcoin Returns Surpass Expectations
Bitcoin closed the third quarter with a modest 1.00% gain, recovering after dropping below $50,000 in August. Market sentiment has turned bullish, supported by historical data showing an average return of 49.9% in the fourth quarter since 2014.
Altcoins Outperform U.S. Equities
Bitcoin's price surged past $62,000, reflecting a strong bullish response. Altcoins followed suit, outperforming U.S. equities, which saw volatile movements.
Meme Coins Lead the Charge
In this week's Coin of the Week (COTW) analysis, CCData analyzed the returns of the top 100 assets by volume. Meme coins PEPE and FLOKI led the market with impressive gains of 1,501% and 698%, respectively.
Mixed Outcomes for Tokens
While some tokens thrived, others underperformed significantly. CRV (Curve), ATOM (Cosmos), and ARB (Arbitrum) saw declines of 39%, 32%, and 30%, respectively, making them the weakest performers during the same period.
These results highlight the mixed outcomes for various tokens during this ongoing bull run.
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