Binance daily trading volume declines by 50%, not the largest cryptocurrency exchange anymore
Binance trade volume has been hit sharply due to the stabilization of cryptocurrency markets. Binance saw it’s trading volume dip by close to 50% since last month.
In October 2018, Binance had a daily trading volume of over $ 1 billion but has since then subsided. Binance’s current trading volume is $494 million, a more than 50% drop since last. According to the founder, Chang Peng Zhao, the stabilization of the cryptocurrency markets is the cause for a drop in trading volume.
According to Changpeng Zhao, the exchange is still very profitable. He said,
“The exchange is not worried by a volume drop of almost 50 percent since last month, when the market became ‘very stable’ and is very profitable”
Binance drops to 2nd place
The low trading volume has caused Binance to drop in the 2nd place on Coinmarketcap. OkEx has now become the largest exchange by trade volume. Huobi remains at the third spot.
Exchanges from China, DigiFinex, and ZB.com both show huge gains of 37.36% and 23.14% respectively. The trade volume from the Western countries has gone down while trade volume from Eastern countries is up.
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.