BINANCE COIN (BNB) will take 2021 BY STORM!! 🤯
Binance Trading Volume Exceeds $ 3 Trillion In 2020
Cryptocurrency exchange Binance sets new record for trading volume
Binance Futures Leads Open Interest in Cryptocurrency Derivatives
The digital economy will continue to develop in 2021
The largest cryptocurrency exchange Binance has summed up the results of work in 2020 and shares plans for the next 12 months.
Record year for Binance
Outgoing 2020 became a record for the Binance cryptocurrency exchange. In December, the site set an absolute record for daily trading, which exceeded $ 52.6 billion, and the total trading volume amounted to $ 3 trillion.
“Asia continues to be the main cryptocurrency market, consistently showing the highest trading volumes, followed by Europe. The high awareness and rate of adoption among the general public explains why Asia accounts for the vast majority of global cryptocurrency trading, ”the company said in a press release..
The growth in trading volume on the exchange is largely due to the general development of the cryptocurrency market. This year, the total market capitalization of all cryptocurrencies has increased from $ 193 billion as of January 1, 2020 to $ 647 billion at the time of writing..
Cryptocurrency market capitalization, CoinMarketCap
Bitcoin has become the main catalyst for the growth of market capitalization this year. Traders and investors invested in the coin to save their assets from inflation. At the moment, bitcoin accounts for 66% of the total cryptocurrency market capitalization. Token Follows As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More ETH, which takes 11%.
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Also, this year, deposits in cryptocurrency gained particular popularity.
“Cryptocurrency deposits often offer attractive double-digit interest rates, far exceeding those for traditional products. The cryptocurrency deposit market has grown steadily throughout the year and has offered an interesting alternative to traditional banks. The five most popular tokens for cryptocurrency deposits in terms of total transaction volume included: USDT, BUSD, KAVA, SXP and NEO, ”Binance said.
The most popular trading pairs are expected to be BTC / USDT, ETH / USDT, ETH / BTC, XRP / USDT and BTC / BUSD.
The largest derivatives exchange
Binance Futures, a cryptocurrency derivatives exchange, has become the leader in terms of volume and number of open positions. This success was driven by market trends.
“The adoption of cryptocurrency futures and options in the market is accelerating – since the beginning of the year, the trading volume has exceeded 8 trillion US dollars, half of which occurred in the first half of 2020. This trend is likely to intensify if the existing bullish trend continues into 2021,” explained in Binance.
Bitcoin’s rise to new highs has brought trading volume on Binance Futures to over $ 450 billion, nearly 200% more than in October. Large cap altcoins also performed well, causing a massive surge in trading activity across all instruments.
November saw a new high of over $ 30 billion in daily trading volume and a record open interest of more than $ 2.6 billion, the largest in the crypto futures industry to date..
As for forecasts for 2021, Binance experts are confident that the digital economy will be involved in many industries, which could potentially lead to wider adoption of cryptocurrencies..
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