- Binance has reignited its market dominance and staged a spectacular revival, as evidenced by its record-breaking trade volumes.
- The price of BNB is still high; recent increases are a reflection of both investor confidence and its strong market position.
By demonstrating a notable increase in trade volumes across its platform, Binance has once again demonstrated its dominance in the cryptocurrency market. Spot and futures trading have increased recently, demonstrating the platform’s resiliency and global appeal.
In the last three years, Binance has recorded the biggest trade volumes, outperforming its rivals, according to a recent report by CCData. The remarkable 92.9% increase in the total trading volume of futures and spot on centralized exchanges, which peaked in March at a new all-time high of $9.12 trillion, highlights this accomplishment.
Notably, trading volumes for derivatives reached an all-time high of $6.18 trillion, marking a critical turning point in the history of the platform.
The spot trading portion of Binance is also a bright area, as its volume surged by an astounding 121% in March to reach $1.12 trillion. Since May 2021, this level of activity has not been observed, indicating increased investor confidence and market engagement.
In a similar vein, the volume of derivatives traded increased by 89.7% to $2.91 trillion, matching the highest levels last recorded in May 2021.
These remarkable figures indicate that Binance has recovered well from difficult circumstances, especially in view of the regulatory scrutiny the US Department of Justice gave it, as previously reported by ETHNews.
Notwithstanding these obstacles, Binance has proven the resilience and adaptability of its platform by strengthening and maintaining its market position. The following video has taken a deeper look at this development, giving you more insight.
The Ascending Trajectory of BNB
In the middle of Binance’s general success, BNB, the company’s native coin, has excelled. BNB’s price is currently hovering around $593.87, marking a slight increase of 0.95% over the previous 24 hours, according to recent data from CoinMarketCap.
Additionally, the token’s market cap has increased to an astounding $88.785 billion during the previous week thanks to a moderate but steady upward trend of 1.40%.
BNB’s price fluctuation has been very interesting; in March, the token hit the $500 price range, and at certain points, it even crossed the $600 threshold. Despite small swings, BNB is currently trading at one of its highest peaks ever.
Important indicators, such as the Moving Average Convergence Divergence (MACD), which indicates a moderately strong trend, and the Relative Strength Index (RSI), which consistently hovers around 60, support the bullish momentum that started in February.