The momentum behind the ‘Binance blaze’ – which saw the trading platform surge to the top of the cryptocurrency exchange charts barely six months after its initial launch – may finally be coming to an end.
Exchange data assembled by Coinhills appears to show what was previously thought by many to be the world’s leading trading platform now occupying fourth place, claiming 13.5% of market share. OKEx is the current market leader with a 15.7% share of overall trading volume.
Relative and Absolute Indicators
Whilst the statistics may indicate that Binance has been losing some momentum in terms of its relative positioning to competitor platforms, the exchange nonetheless continues to generate healthy margins with daily trading volume that systematically exceeds far in excess of $1 billion USD on which the platform levies fees of up to 0.5%.
The Binance coin (BNB) token price has also been holding out well in what have generally been hostile market conditions over the last four months. An initiative launched earlier this month to double its referral fees resulted in an upward shoot of the BNB token price to in excess of $15 at one point, allowing it to curtail general downward pressure within the crypto markets.
A previous initiative in late April that allows users to eliminate crypto-dust – micro-volumes of crypto holdings which are too small to be traded on the exchanges – in favour of an equivalent amount in BNB has also helped to consolidate its current price which sits at just over $12.
Binance also continues to be the overall market leader for Bitcoin sales and purchases.