Binance Breaks Record with $100T Trading Volume, BNB Price To Rally?
Crypto exchange Binance hits $100 trillion in combined spot and derivatives trading volume mark. This success served to strengthen its claim and led to speculations around an increase in Binance Coin (BNB) price. With trading volume as the focal point of the trading, the exchange volume surge indicates growing attention towards trading in digital assets.
Binance Hits Historic $100T Volume, Leads Crypto Exchange Market
According to CCData, this past week, Binance surged to the top of the charts by becoming the first CEX to hit $100 trillion in trading volume. Consequently, this positions the exchange on top among all the crypto exchanges in the world.
The volume includes spot and derivatives markets, reflecting the platform’s extensive reach and the capital flowing into the crypto sector.
Moreover, OKX, which has improved its services, is the second-largest exchange, with a lifetime trading volume of $25 trillion. Interestingly, even after the company ceased operations in November of 2022, FTX remains ranked as the sixth exchange by the total trading volume.
The now-closed trading venue claims this status based on the trading volume that it still boasted before closing down. However, the presence serves as a reminder of the volatility and risks associated with digital asset exchanges.
Other exchanges such as Bybit and Bitget followed with a trading volume of $ 13.2 trillion and $ 10.9 trillion respectively, making them the third and fourth. These platforms received attention through better user experiences and diversified product offerings.
Expansion Through Mobile Money Across Africa
In addition to being a trading giant, Binance has also increased its operations in Africa by adding mobile money payment options for crypto transactions in six nations. Through this expansion, users in Benin, Cameroon, Ivory Coast, the Democratic Republic of Congo, Togo and Senegal can purchase digital currencies using mobile money.
In addition, the expansion improves financial inclusion providing accessible entry points to the digital economy for Africa users. Concurrently, the move follows the success of the exchange One Click Buy and Sell (OCBS) service, which was launched in other African countries earlier this year.
BNB Price Poised for Potential Rally
With Binance continuing to make strides in trading volume and expanding its services, attention has turned to the BNB Price. Currently trading around $600, BNB Price has shown resilience in a fluctuating market. Analysts are watching closely as the coin approaches the $620 resistance level. If BNB Price breaks through this barrier, a rally toward $800 could be on the horizon, representing a 35% increase from its current value.
At press time, Binance Coin (BNB) price is $597.27, up 3.61% over the past 7 days. The market cap stands at $87.16 billion, with a 24-hour trading volume of $1.48 billion.
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