As the crypto volume refuses, Binance takes up more leadership with other exchanges: cryptoquant
Volumes of Bitcoin (BTC) and Altcoin spot trading refused as crypto prices entered the correction mode in the last two months, along with the release of Crypto Exchange Binance as the preferred Avenue for entrepreneurs, according to a report from the cryptoquant.
The total volume of bitcoin spot trading in crypto exchanges refused from a high $ 44 billion on February 3 to $ 10 billion at the end of Q1, a nearly 77% collapse, according to the analytics firm. Meanwhile, the total volume of Altcoin spot trading in crypto exchanges declined from a high $ 122 billion on February 3 to $ 23 billion by the end of Q1 – more than 80% of the fall.
A volume of collapse of such a magnitude suggests entrepreneurs and investors are losing interest or confidence, perhaps because of uncertainty or fear. Falling prices mean the amount of bitcoin and other cryptos will decrease, which can scare more people, creating a cycle of less trade and lower prices, the report added.
Market loss is Binance’s benefit
At the same time, Binance increased its dominance over other crypto exchanges along with its part of the total market trade of almost 50%. Part of Binance of the total sun -day -to -day trade volume in the Bitcoin spot increased from 33% on February 3 to 49% by the end of Q1.
This suggests that trade volumes in other exchanges have refused faster than Binance, and that the exchange becomes the largest area of liquidity during the time of increased volatility in the market.
In addition, Binance’s part of the total sun -sun trading volume of the Altcoin area increased from 38% on February 3 to 44% by the end of Q1.
Some altcoins still show relatively high volumes of trading trading in Binance, despite the general slowdown in trade volumes. For example, large altcoins such as BNB, TON and EOS are still exchanged for relatively high activity, at a time when the general crypto volume has refused.
Meanwhile, Bitcoin’s flow to Binance accelerated last week, cryptoquant independent analyst Martuun.
“The Bitcoin Reserve in Binance increased from 568,768 BTC (Mar 28) to 590,874 BTC (Apr 9), an increase of 22,106 BTC,” he he he he he says to a snippet. “It shows a strong speeding BTC flow to Binance. It is likely that investors are actively moving the funds to Binance, due to the uncertainty of the MacRO and before the upcoming CPI announcement.”
