- Binance has again surpassed its competitors in terms of spot trading
- Binance achieved a volume of $164.8 billion from only the derivatives market
Last month a vast drop was observed in the trading volume of Binance, a crypto exchange. It is observed that last month’s overall trading volume of Binance has declined by 33.1% from September’sSeptember’s $75.7 billion. In accordance with Binance, exchanges like Huobi, OKEx, Coinbase, and Kraken are also going along. However, CryptoCompare, a cryptocurrency research firm, released its research report for October 2020 on Monday. According to the report of CryptoCompare, it is observed that Binance again surpassed its competitors in terms of Spot and Derivative Tradings.
What does the Report of CryptoCompare state?
According to the report of CryptoCompare, it is observed that Binance has again surpassed its competitors in terms of spot trading. However, the overall trading volume of Spot exchanges have decreased eloquently, and the volume of derivatives exchanges remained constant.
Overview of October’sOctober’s Spot volume
Last month the price of Bitcoin (BTC) exceeded $13,000, and the value recorded its new high of 2020. However, the increase in BTC/USD didn’t contribute anything to the trading volume of the Spot market. However, we observed that last month the volume of exchanges evaluated in the higher portions has declined by 13.6% compared to September. The Spot volume has been kept falling to $557.7 billion, which is 17.6% in total. However, Binance’sBinance’s trading volume is around $75.7 billion for October, which is about 33.1% below that of September. However, Binance took the lead against its competitors, as it is followed by Huobi with $41.7 billion and OKEx with $32.1 billion, after that all other exchanges.
Overview of October’sOctober’s Derivative volume
Last month the Spot volume declined by 17.76%, but the volume of derivatives declined only by 2.4% that of September. However, the total volume of the market over the month was around $619.9 billion. It is also observed that not only in the Spot market but Binance was the leader of derivatives also. In October, Binance achieved a volume of $164.8 billion from only the derivatives market. However, near the end of October, it was observed that OKEx was the exchange with extensive open positions in the derivatives market. As the total open positions value at the exchange rose to $1.56 billion. Meanwhile, Binance followed OKEx with $1.49 billion, whereas Huobi with $1.07 billion.
Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.
Download our App for getting faster updates at your fingertips.