Binance, one of the world’s largest cryptocurrency exchanges, has enjoyed a surge in trading volume, according to its CEO, Chanpeng Zhao. On March 31, Zhao took to Twitter to compare the weekly trading volume of Binance.US to that of Coinbase, a major competitor in the United States. The post showed that Binance.US’s trading volume was equivalent to 41% of Coinbase’s global trading volume, an all-time high for the former.
It is worth noting that these figures only pertained to Binance.US and did not consider the entirety of Binance’s trading volume. However, a comparison between Binance and Coinbase using CoinMarketCap’s data revealed a stark contrast between the two exchanges. Binance’s 24-hour trading volume of $11 billion dwarfed Coinbase’s $1 billion figure.
Binance also boasted a significantly larger number of weekly visits, with over 14 million compared to Coinbase’s meagre 43,000. Additionally, Binance offered more markets than Coinbase, further solidifying its status as a major player in the cryptocurrency exchange industry.
Following the news, Binance’s native token, BNB, shifted towards a slightly bullish trend, showing modest gains over the past four days. While it remains to be seen if this newfound confidence will continue, investors are optimistic about the future of Binance and BNB.
The comparison made by Zhao highlights the fierce competition in the cryptocurrency exchange industry, particularly in the United States. As more and more investors turn to cryptocurrencies, exchanges are vying for market share and dominance. With its impressive trading volume and diverse range of markets, Binance is well-positioned to remain a major player in the industry for years to come.
Conclusion
In conclusion, Binance’s CEO Chanpeng Zhao has compared the trading volume of Binance.US to that of Coinbase, showing a significant surge in activity for the former. While these figures only pertained to Binance.US, a comparison using CoinMarketCap’s data showed that Binance enjoyed a much larger 24-hour trading volume, number of weekly visits, and range of markets than Coinbase.
