Crptocurrency
Is Binance Losing Ground As The World’s Largest Crypto Exchange

[ad_1]
- Binance remains king of crypto exchanges currently, though “second-tier” competitors are starting to gain market share.
According to a new analysis by 0xScope, Binance’s dominance over the centralized crypto exchange market has diminished over the last year.
According to the blockchain analytics firm, Binance’s trading volume and other indicators are “around 10% lower overall,” while competition from OKX and other “second-tier exchanges” is increasing.
Binance’s Second Tier Competitors
According to the research, Binance is the undisputed leader in global crypto volume, accounting for 51.2% of CEX volume share between October 17, 2022, and October 17, 2023.
However, on a weekly basis, that volume has decreased. Binance’s dominance, which was at 54.6% in October 2022, has decreased to around 45% since July.
Meanwhile, OKX’s volume share has risen from 10.5% last year to 16.1% in the most recent week, cementing its position as a “solid no.2” among exchanges. Bybit, Bitget, and MEXC are the companies that have “maintained healthy growth trends in the past year.”
Read Also: Binance Crypto Wallet Loses $27 Million In Stablecoins In Apparent Hack
Due to a lack of derivatives trading volume, big exchanges such as Upbit and Coinbase were omitted from the ranking. In the spot market, both exchanges ranked second and third, with Upbit’s stake increasing dramatically from 5% to 15% in a 52-week period.
Binance’s spot market dominance has fallen to 40% throughout this time, down from 62% only one year ago. According to 0X, the drop may be attributable to the exchange’s listing strategy, as most popular coins dropped in value immediately after listing on Binance.
In comparison, Binance’s futures volume has remained more stable, but it has dropped from 50% earlier this year to 45% in recent weeks. During the same time period, OKX’s volume share increased from 10% to 15%.
In June, the Securities and Exchange Commission (SEC) filed a critical complaint against Binance, alleging everything from misuse of customer assets to the listing of several unregistered securities.
An On-Chain Look
Looking at blockchain data, Binance also has the highest crypto asset value of any CEX at 45%, down from 50% last year. Its primary rivals in this space are Coinbase and Bitfinex, the latter of which has a tight association with Tether, which has $85 billion in reserves.
When looking at the deposit addresses opened at each exchange, the exchange’s dominance is significantly reduced. Binance and Coinbase have almost equal weighting at around 30% each, although the former’s proportion increases to 40% when only active addresses are counted.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
[ad_2]
Source link
Crptocurrency
Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions

[ad_1]
[ad_2]
Source link
Crptocurrency
$88K Critical for Bitcoin Momentum

[ad_1]
Bitcoin’s price trajectory is at a pivotal juncture, with $88,000 emerging as a key level for sustaining market momentum, according to on-chain analytics firm Glassnode. Using the UTXO Realized Price Distribution (URPD) metric, Glassnode emphasized the significance of the Short-Term Holder (STH) cost basis, noting minimal trading volume below this threshold.
The $88,000 level serves as a critical psychological and technical support, and a decisive loss could pave the way for further downside. This article explores the importance of this metric and what it could mean for Bitcoin’s future price movement.
Understanding Bitcoin’s STH Cost Basis
The Short-Term Holder (STH) cost basis represents the average price at which recently acquired Bitcoin has been purchased. This metric is essential for analyzing:
- Price Momentum: Indicates the health of recent buyer confidence.
- Support Levels: Highlights crucial price points where short-term investors are likely to defend positions.
At $88,000, the STH cost basis underscores its significance as a level where short-term traders might capitulate if breached, potentially triggering a larger sell-off.
The Role of the URPD Metric
Glassnode’s UTXO Realized Price Distribution (URPD) metric maps the distribution of Bitcoin trading volumes across different price levels. Key insights from the current analysis include:
1. Minimal Volume Below $88K
- Glassnode’s data reveals limited trading activity beneath $88,000, suggesting weak historical support in this range.
2. Vulnerability to Downside Pressure
- A breakdown below $88,000 could lead to accelerated selling, as short-term holders exit positions to minimize losses.
Why $88K Is Critical for Bitcoin
1. Psychological Benchmark
- Round numbers like $88,000 hold psychological significance for traders, influencing decision-making and market sentiment.
2. Technical Relevance
- The STH cost basis aligns closely with support and resistance levels derived from historical price action, making it a reliable marker.
3. Momentum Indicator
- Holding above $88,000 would demonstrate resilience, while a breach could signal a shift in momentum toward bearish conditions.
Potential Scenarios Based on $88K Level
1. Holding Above $88K
- Sustaining this level could reaffirm Bitcoin’s bullish momentum, encouraging accumulation by both short-term and long-term holders.
- Positive macroeconomic news or institutional support could bolster price stability.
2. Breaching $88K
- A decisive loss of $88,000 might lead to panic selling, increasing volatility and pushing Bitcoin toward lower support levels.
- Traders may target $85,000 or lower as the next critical support zone.
Market Sentiment and Influences
1. Institutional Activity
- Institutional investors closely monitor key levels like $88,000, adjusting strategies based on market strength or weakness.
2. Broader Economic Factors
- Macroeconomic elements, including interest rate policies and inflation data, continue to impact risk assets like Bitcoin.
3. Short-Term Trader Behavior
- As the primary holders at this cost basis, short-term traders play a pivotal role in determining Bitcoin’s near-term price movements.
How Traders Can Respond
1. Monitor Key Levels
- Keep a close watch on Bitcoin’s behavior around $88,000, as this level is crucial for gauging momentum.
2. Set Stop Losses and Alerts
- Traders should establish clear stop-loss levels to minimize risk in case of a breakdown.
3. Consider Accumulation Opportunities
- If Bitcoin holds above $88,000, it could present a buying opportunity for those confident in a bullish continuation.
FAQs
1. Why is $88,000 significant for Bitcoin?
The $88,000 level represents the Short-Term Holder (STH) cost basis, a critical indicator of price momentum and market confidence.
2. What happens if Bitcoin drops below $88,000?
A loss of this level could trigger selling pressure, as short-term holders exit positions, potentially leading to further downside.
3. What is the URPD metric?
The UTXO Realized Price Distribution (URPD) metric tracks Bitcoin’s trading volume at different price levels, highlighting key areas of support and resistance.
4. How does $88K influence market sentiment?
Maintaining this level reinforces confidence in the market’s bullish momentum, while losing it could shift sentiment toward bearish expectations.
5. What should traders do at this level?
Traders should monitor Bitcoin’s performance around $88,000, set stop-loss levels, and consider accumulation if the level holds.
Conclusion
The $88,000 level is more than just a price point; it’s a pivotal marker for Bitcoin’s momentum and market sentiment. Glassnode’s analysis underscores its significance as the Short-Term Holder cost basis, with the potential to dictate Bitcoin’s next move.
Whether Bitcoin sustains this critical level or breaches it will determine its trajectory in the coming weeks. For traders and investors, staying vigilant and adapting strategies to this key metric will be essential in navigating Bitcoin’s dynamic market.
To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
[ad_2]
Source link
Crptocurrency
Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets

[ad_1]
[ad_2]
Source link
-
Startup Stories1 year ago
Why Millennials, GenZs Are Riding The Investment Tech Wave In India
-
Startup Stories1 year ago
Startups That Caught Our Eyes In September 2023
-
Startup Stories1 year ago
How Raaho Is Using Tech To Transform India’s Fragmented Commercial Trucking
-
Startup Stories1 year ago
Meet The 10 Indian Startup Gems In The Indian Jewellery Industry’s Crown
-
Startup Stories1 year ago
WOW Skin Science’s Blueprint For Breaking Through In The $783 Bn BPC Segment
-
Crptocurrency11 months ago
Lither is Making Crypto Safe, Fun, and Profitable for Everyone!
-
Startup Stories1 year ago
How Volt Money Is Unlocking The Value Of Mutual Funds With Secured Lending
-
E-commerce1 year ago
Top Online Couponing Trends To Watch Out For In 2016