TLDR:
- Binance Hits $100 Trillion in Combined Spot and Derivatives Trading Volume
- OKX is the second largest exchange with lifetime volume of $25 trillion
- Binance Expanded Mobile Money Payments in 6 African Countries
- BNB price trades around $600 with potential to rise to $800
- Binance’s success strengthens its market position and impacts the price of BNB
Binance, the world’s largest cryptocurrency exchange, has reached a historic milestone by becoming the first centralized exchange (CEX) to surpass $100 trillion in combined spot and derivatives trading volume.
This achievement solidifies Binance’s position as a dominant player in the cryptocurrency exchange market and has significant implications for its native token, Binance Coin (BNB).
According to data from CCDataBinance’s trading volume, which includes spot and derivatives markets, has already surpassed the $100 trillion mark. This number surpasses that of its closest competitor, OKX, which has recorded a lifetime trading volume of $25 billion. Following OKX are Bybit and Bitget, with volumes of US$13.2 trillion and US$10.9 trillion, respectively.
The huge trading volume on Binance reflects the platform’s broad reach and substantial capital inflows into the cryptocurrency sector. It also highlights the growing interest in digital asset trading among retail and institutional investors.
Binance has been expanding its services in emerging markets. The exchange recently added mobile money payment options for cryptocurrency transactions in six African countries: Benin, Cameroon, Ivory Coast, Democratic Republic of Congo, Togo and Senegal.
This move follows the successful launch of Binance’s One Click Buy and Sell (OCBS) service in other African countries earlier this year.
By integrating mobile money payments, Binance aims to improve financial inclusion and provide more accessible entry points into the digital economy for African users. This expansion strategy could potentially increase Binance’s user base and trading volume in the region, further solidifying its market dominance.
Binance’s success naturally drew attention to its native token, BNB. According to the latest data, BNB is trading at approximately $597, showing resilience in a fluctuating market. The token saw a 3.61% increase last week, with its market capitalization at $87.16 billion and a 24-hour trading volume of $1.48 billion.
Analysts are closely monitoring BNB’s price action, especially as it approaches the $620 resistance level. Some speculate that if BNB breaks this barrier, it could potentially rise to $800, representing an upside of 35% in relation to its current value.
The relationship between Binance trading volume and BNB price is complex. While increased trading activity on the platform will not directly translate into higher BNB prices, it may contribute to positive sentiment around the token. BNB is used for a variety of purposes within the Binance ecosystem, including discounts on trading fees and participating in token sales on Binance Launchpad.
