Crypto Currency

Best-Performing Cryptocurrency Powers Controversial Exchange

The world of cryptocurrency has seen various trends which have made the world follow them with much interest. During the year that has just passed, the world-famous Bitcoin, the token which comes from Binance Holdings. One of the marked phenomenon to manifest this year was the more than double growth in the market capitalisation of Bitcoin. During the same phase, a majority of the top cryptocurrencies have come to face a sharp fall in their capitalisation.

The only digital currency to give near equal competition to the Bitcoin is Binance Coin. It has been a popular pick among various crypto hedge funds and some of the big traders ever since its introduction in the year 2017. Some of the quality features of the cryptocurrency include trading fee discounts and various other financial benefits. As per an immediate edge review, the increase in the capitalisation of Binance Coin has been quite close to the Bitcoin.

Facing the growth of Binance Coin

The recent trends are indicative of the fact that crypto trading platforms are facing a growing level of regulation from different regulators across various nations. This is why it has become even more imperative for these exchanges to retain their customers. If we are to talk about Binance in particular, it might not be wrong to say that it has been surrounded with ample controversies in the past few days. These controversies and various accusations arose after a public statement from the officials at the exchange went on record and it was noted that the exchange does not have any fixed offices in China.

Of late, Binance Coin has marked a stark growth in its market share from 30% to 45% among some of the top-rated exchanges. If the numbers are to be believed, it is already the fourth largest future exchange for Bitcoin. It is believed that there are several factors that contribute to the surge in the ranking of Binance. One of the most popular practices adopted by the exchange is to burn the volume of the cryptocurrency based on its trading volume during an even three month period. Estimates indicate that during the third quarter this year ending, most cryptocurrencies plummeted downwards while leaving only Bitcoin to tank the charts.

Watching the crypto exchanges surge and fall

With the ease in the prices of the cryptocurrencies across various exchanges, a decline in the rate of Initial Public Offerings has been observed. During the last few months, the Binance exchange has shown a remarkable performance at the same time as the returns on various cryptocurrencies improved starkly.

Due to the upsurge in the level of competition, many exchanges have engaged themselves in the business of offering discounts on the issue of tokens. This is being done with the aim to attract more customers to the network of Bitcoins and related cryptocurrencies.

As of today, it will not be incorrect to say that Binance coin has been powering the cryptocurrency exchange. Results have shown that the digital currency exchange, which got famous for its launch of Futures option this September, has already become the fourth largest future exchange. If a one year data were to be considered for the purpose of this discussion, it will be right to say that Binance Coin has shown an even stark upward movement, as compared to Bitcoin. The resulting fact of the matter is that the currency has largely come to power the controversy riddled crypto exchange.

Conclusion

It might be right to say that most of the outperformance from Binance Coin could be made out during the very first quarter of the year. Due to its relative outperformance, Binance Coin has garnered the interest of many crypto hedge funds as well. The exchange business today is growing by leaps and bound and earning immense crowds from all directions. At the same time, the competition also grows stronger but the game looks good for the exchanges so far. As long as the growth and upsurge in cryptocurrencies remain strong, it will not be wrong to say that things will continue to hold up for various crypto exchanges across the domain.

Paola

Paola Garcia lives in Jakarta Indonesia. She is an associate professor in University of Indonesia and also managing Scoopinion at the same time. She is also fond of watching theatrical plays.
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