RATE Group | Cryptocurrency Exchanges Are Fighting to Escape Binance’s Shadow
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Cryptocurrency Exchanges Are Fighting to Escape Binance’s Shadow

05 Dec Cryptocurrency Exchanges Are Fighting to Escape Binance’s Shadow

Posted at 05:11h in Bitcoin News by

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Cryptocurrency Exchanges Are Fighting to Escape Binance’s Shadow

It’s impossible to assess the cryptocurrency landscape without considering Binance. It looms large over the industry, dictating trends, soaking up liquidity, and compelling new exchanges to fight tooth and nail for market share. Most exchanges aren’t gunning to become the next Binance. But they must all exist in its shadow while striving to carve a niche of their own.

Also read: New List Claims 1.9 Million Bitcoin Held by Centralized Exchanges

Binance Is a Giant That Won’t Stop Growing

This week, a new exchange ranking system revealed that 1.9 million BTC worth around $14 billion is stored on centralized exchanges. A good chunk of that resides with Binance, where 2.5 million trades are conducted daily. Earlier this year Binance made headlines when it moved $1.3 billion of BTC in a single transaction. Its spot exchange dwarfs the competition, though its futures exchange which launched in September still lags behind the market leaders.

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