- Binance led the exchange market trading volume, which saw an increase to $705 billion last month.
- Binance has emerged as a key industry entity with the Proof of Reserves and Industry Recovery Fund initiatives.
- Binance Coin price could be looking at a 14% recovery if it manages to reclaim the $311 resistance level.
Binance is known as the biggest cryptocurrency exchange for its daily trading volume, but over the last few weeks, it has even justified itself as one of the biggest crypto market players. Following a sale of all of its FTT holdings and the subsequent collapse of FTX, Binance has come out on top.
Binance sees growth
Binance noted a significant increase in the daily traded volume over the month of November. The fall of FTX triggered a rise in user participation, benefitting some of the biggest exchanges, including Binance, Coinbase, Kraken etc.
As per crypto data provider Kaiko’s newsletter, the monthly traded volume spiked by 23% to $705 billion. However, this jump was primarily led by Binance, whose trading activity noted a 30% rise in the last month. Over time, this is expected to swell further as Binance is in a position of strength at the moment. The newsletter justified this as,
“Binance may benefit, despite not having an official headquarters, because it has projected an image of strength through the crisis with the best liquidity of any centralized exchange.”
The evidence of the same is visible in the initiatives taken by Binance in the last couple of weeks. Binance established the Industry Recovery Initiative (IRI) fund to support the projects impacted by the liquidity crisis due to FTX’s downfall. The cryptocurrency exchange alone allocated over $1 billion at launch and also encouraged other industry players to do the same.
Binance also initiated the transparency trend by suggesting the publishing of Proof of Reserves of customer funds. The exchange walked the talk and posted its Bitcoin reserves to the ratio of 101%, covering $9.48 billion worth of customer funds with reserves valued at over $9.59 billion.
Binance Coin price to mark an uptick
Binance Coin price is seemingly not making strides currently. However, the broader market bullish cues might trigger a recovery for the asset. The altcoin is trading at $288 at the moment, moving close to its immediate support level at $284.
If Binance Coin price bounces off of this support and breaches $297, it could be looking at $311 as its next target. Flipping $311 into a support floor would enable BNB to kickstart a rally toward $328, marking a 14% increase in price.
BNB/USD 4-hour chart
On the other hand, if Binance Coin price loses the support at $284, it would trickle down, potentially tagging the support at $274 and $264. However, if BNB registers a daily candlestick close below $264, it would invalidate the bullish thesis, with anticipated bearishness for the altcoin tagging $249.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Chainlink holds near three-year high fueled by EU tokenized securities partnership
Chainlink (LINK) price trades slightly down around $25.50 on Tuesday following a 33% rally that was spurred by its partnership with Frankfurt-based fintech 21X for Europe’s first tokenized securities trading and settlement system.
Trending altcoins: Hedera, VeChain and Algorand extend rally by posting double-digit gains
Three trending altcoins – Hedera (HBAR), VeChain (VET), and Algorand (ALGO) – post double-digit gains on Tuesday after surging last week, benefiting from the recent consolidation of Bitcoin prices.
Ondo Finance Price Forecast: ONDO reaches a new all-time high of $1.79
Ondo Finance surges more than 11% on Tuesday and reaches a new all-time high of $1.79. ONDO’s daily trading volume reached a new yearly high of $994 million, suggesting a surge in traders’ interest and liquidity.
XRP en route to new all-time high; key metrics to watch out for
Ripple whales have accumulated over $1.8 billion worth of XRP tokens amid a 200% rise in weekly active addresses. WisdomTree filed an S-1 registration with the SEC for an XRP ETF. XRP investors across several cohorts realized over $2.7 billion in profits in past three days following heavy Ripple token unlock.
Bitcoin: A healthy correction
Bitcoin (BTC) experienced a 7% correction earlier in the week, dropping to $90,791 on Tuesday before recovering to $97,000 by Friday. On-chain data suggests a modest rebound in institutional demand, with holders buying the dip. A recent report indicates BTC remains undervalued, projecting a potential rally toward $146K.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.