Binance Sets Record Achieving $100 Trillion in Trading Volume – Could BNB Price Surge Follow?

Binance, the eminent cryptocurrency exchange, has achieved a cumulative trading volume of $100 trillion across its spot and derivatives markets. This landmark volume underscores the exchange’s dominant position and leads to speculation regarding a potential uptick in the price of Binance Coin (BNB). The significant focus on trading volume reflects the escalating interest in cryptocurrency trading.

Binance Reaches Monumental $100T Volume, Dominates Exchange Landscape

Data from CCData reveals that Binance has outstripped competition by hitting the $100 trillion mark in trading volume, a first for a centralized exchange (CEX), solidifying its lead among global crypto exchanges.

The aggregate trading volume includes both spot and derivatives trading segments, demonstrating the platform’s broad reach and the influx of capital into cryptocurrencies.

Meanwhile, OKX holds the second rank with a cumulative trading volume of $25 trillion. Notably, despite halting operations in November 2022, FTX still holds onto the sixth rank by trading volume based on its past performance, highlighting the unpredictable and risky nature of crypto exchanges.

Following are Bybit and Bitget, which have amassed trading volumes of $13.2 trillion and $10.9 trillion, respectively. These exchanges have garnered user attention by enhancing user experiences and diversifying their offerings.

Expanding Mobile Money Payment Options Across Africa

Binance has not only excelled in trading but has also broadened its services in Africa by incorporating mobile money payments for crypto transactions in six countries. This extension allows users in Benin, Cameroon, Ivory Coast, the Democratic Republic of Congo, Togo, and Senegal to procure digital currencies via mobile money.

The move not only extends Binance’s operational reach but also advances financial inclusion by offering accessible gateways to the digital economy for African consumers. This initiative builds upon the prior success of the exchange’s One Click Buy and Sell (OCBS) service introduced in other African nations earlier.

Prospects of BNB Price Rally Intensify

As Binance forges ahead in increasing its trading volume and broadening services, the spotlight turns to BNB Price. Currently hovering around $600, BNB Price has maintained stability amidst market fluctuations. Market analysts are closely monitoring as it approaches the critical $620 resistance mark. A successful breach above this threshold could signal a rally toward $800—a 35% leap from the current valuation.

At present, the price of Binance Coin (BNB) stands at $597.27, achieving a 3.61% growth over the last seven days, with a market capitalization of $87.16 billion and a daily trading volume of $1.48 billion.

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Ronny Mugendi

Ronny Mugendi is a crypto journalism veteran with four years of in-depth experience, significantly contributing to various outlets reporting on cryptocurrency trends and innovations. With an impressive tally of over 4000 published articles, he dedicates his efforts to educating and acquainting more individuals with the Blockchain and DeFi ecosystem. When not immersed in the crypto world, Ronny savors the excitement of biking, discovering new trails and vistas.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.