- Binance records over $100T in cumulative spot and derivatives trading volume.
- OKX ranks second at $24.9 trillion, while Bybit and Bitget rank third and fourth.
- FTX ranks sixth despite suspending operations and undergoing bankruptcy.
Binance has recorded over $100 trillion in cumulative spot and derivatives trading volume, reflecting the capital flowing into the crypto sector and increasing demand for exposure to cryptocurrencies.
At the time of writing, CoinMarketCap data showed that Binance’s total spot trading volume is $12.3 billion, while the exchange’s derivatives trading volume is $43.15 billion.
According to an analysis from CCData, OKX ranks second with $24.9 trillion dollars, followed by Bybit and Bitget, ranking third and fourth, with $13.2 trillion and $10.9 trillion, respectively. Meanwhile, HTX (formerly Huobi) ranked fifth in the market with a cumulative volume of $10.2 trillion.
Despite being bankrupt since November 2022, Sam Bankman-Fried’s FTX ranks sixth in terms of cumulative spot and derivatives trading volume.
Read also: Binance, KuCoin Request Source of Funds from Indian Users After FIU Registration
The data also noted that the best-performing altcoins since October 2023 include meme coins Pepe (PEPE) and FLOKI (FLOKI), which delivered remarkable returns of 1501% and 698%, respectively. Also, Solana (SOL) witnessed 599% in gains. However, CRV, ATOM, and ARB were the worst performers.
As per the data, the assets plummeted to 39%, 32%, and 30%, respectively, since October 14th, 2023.
Crackdown on Binance
Earlier, the U.S. authorities cracked down heavily on Binance and its US entity, Binance.US, and since then, the dominance of the leading digital asset declined in the crypto sector.
Interestingly, in November last year, the United States DoJ imposed a fine of $4.3 billion on Binance and its co-founder and crypto entrepreneur Changpeng Zhao. Following the penalty, Zhao resigned as the company’s chief executive officer while pleading guilty to voluntarily breaking securities regulations.
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Source: https://coinedition.com/binance-records-100t-in-cumulative-spot-and-derivatives-trading-volume/