Upto yesterday the Binanace was the world’s largest cryptocurrency exchange but today the OKEx won the battle and becomes the no. cryptocurrency exchange in coin market cap by leaving behind Binanace. The cryptocurrency exchange is a platform where you can buy and sell cryptocurrency for a fix transaction or registration fee.
Few days ago the Binance was the largest crypto trading and exchange platform all over the world due to huge trading voulme from different countries cryptocurrency buyers and sellers. But with in 2 or 3 days the Binanace lost it first position from OKEx.
Why Binanace lost it’s first position in coin market cryptocurrency exchange?
Sudden drop More than 50% in trading volume
In november 2018 the Binance’s trading volume has dropped by over 50%. It comes down from $1 billion to a $494 million. This is the biggest reason of binance going down and OKEx becomes the largest crypto exchange by trading volume at the same moment with high trading volume.
The Huobi and digiFinex set up on 3rd and 4th postilion in cryptocurrency exchange. the ups and downs in the cryptocurrency exchange position will be continue as the trading volume will divert.
Effect of loosing top cryptocurrency exchange position on Binance
There is no doubt about the trading volume going down of Binance and it’s a bad news for Binance but the good news is it is still making good money despite of trading volume drop. The founder of binance said:
According to the exchange’s founder, Changpeng Zhao. Zhao says, “Binance is still posting good profits despite the market situation. In fact, it’s all been a good time for most of the exchanges. The exchange expects an eye-popping $1 billion in profits in 2018. That’s way more than Coinbase’s profits that stand at around $456 million”.
There is no doubt thhat Binance is one of the best and most reliable platorm for traders to deal in cryptocurrency, It is doing great for the industry by redirecting its profits to support the industry.
The Binance has stated that soon it will announce Binance Research, a side-project that will provide high-quality reports about the tokens listed on the platform as well as the up-coming offers. This project will be beneficial for the crypto community and will provide the detailed and exact information to users.