- Binance’s trading volume has reached an impressive $100 trillion.
- Market data indicated that BNB has been benefiting from a strong market sentiment.
As reported by CCData, Binance has made history by becoming the first central exchange (CEX) to achieve a trading volume of $100 trillion. This figure includes both derivatives and spot markets.
Source: CCData
This milestone catapults the exchange to the forefront, surpassing all other platforms. Such remarkable growth signifies the widespread influence of the exchange and the growing influx of capital into the cryptocurrency realm.
Other exchanges like OKX have also seen considerable advancements, positioning OKX as the second-largest exchange with a cumulative trading volume of $25 trillion.
Following closely is Bybit in third place with $13.2 trillion, and Bitget comes in fourth with a trading volume of $10.9 trillion.
What About BNB?
As Binance continues its expansive growth and market leadership, investor focus shifts to its native cryptocurrency, BNB.
Currently, BNB has experienced a slight decrease in price. At the time of writing, BNB is trading at $595, reflecting a 0.30% drop over the last 24 hours.
Previously, BNB was on an upward trend, having increased by 3.63% in the past week and 3.42% over the month.
Despite the recent daily dip, the overall market sentiment surrounding Binance remains positive.
Source: Coinglass
At this moment, the altcoin’s Long/Short Ratio is at 1.3079 based on a 4-hour analysis, indicating that a majority of investors are taking long positions.
This trend suggests that longs are dominating, anticipating price increases in the near future.
Source: Coinglass
This inclination towards long positions is corroborated by the overall decline in liquidations over the past week.
In fact, liquidations for long positions shrank from $3.77 million to $14.37k over the last three weeks, indicating that even amidst market downturns, longs are covering their positions against shorts.
Read Binance Coin’s [BNB] Price Prediction 2024–2025
To summarize, Binance’s record-breaking trading volume has created a favorable environment for BNB. Throughout this period of growth, BNB has benefited from a positive market sentiment.
If these trends persist, BNB may target the next major resistance level of $618.
