Binance’s volume hit a historical high of $100 trillion as BNB experienced a strong upswing over the past week.
- Binance’s volume reached $1oo trillion. Market indicators showed that BNB had been experiencing a positive market sentiment.
According to CCData, Binance has surged to historical levels by becoming the first CEX to reach $100 trillion in trading volume. This volume includes derivates markets and spots.
Source: CCData
In doing so, the exchange has positioned itself at the top among all other exchanges. Such massive growth reflects the exchanges’ extensive reach and the capital inflow into the crypto market.
Other exchanges such as OKX have also made significant gains. As such, OKX followed as the second-largest exchange, with a lifetime trading volume of $25 trillion.
Bybit sat third on the list with $13.2 trillion, followed by Bitget with a trading volume of $10.9 trillion.
Impact on BNB?
As Binance continues to expand and dominate the markets, investors’ attention turns to its native coin, BNB.
The altcoin has seen a moderate dip in its price charts. As of this writing, BNB was trading at $595, marking a 0.30% decline over the past day.
Prior to this, BNB had been on an upward trajectory, hiking by 3.63% over the past week. Also, the altcoin has gained by 3.42% on the monthly charts.
Despite the daily decline, the Binance still enjoys an overall positive market sentiment.
Source: Coinglass
For instance, the altcoin’s Long/Short Ratio sat at 1.3079 at press time, per the 4-hour timeframe. This suggested that, over the past hours, most investors are taking long positions.
Therefore, longs were dominating the market as they anticipated prices to gain in the near term.
Source: Coinglass
This demand for longs is further supported by the total liquidations, which have declined over the past week,
Also, liquidations for long positions have declined from $3.77 million to $14.37k over the past three weeks. Such a drop suggests that even in market downturns, longs are paying shorts to keep their trades.
Simply put, the surge in Binance’s volume to a historical high has pushed BNB to experience favorable conditions. In the month that has seen this surge, BNB has also enjoyed positive market sentiment.
If the current conditions are maintained, BNB will attempt the next significant resistance level at $618.
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