- Cardano, VeChain, and Chainlink lead $2 billion crypto volume on Binance Futures
- Adding new products has helped Binance Future’s market share grow
- The daily volume of perpetual contracts offered by Binance Futures has multiplied
Cryptocurrency News Today – Binance has reportedly published a detailed document highlighting its growth in the Futures platform. The leading crypto exchange has focused on the change among investors because of the recent drop in volatility in the price of Bitcoin. Altcoins have always provided several solutions all based on Blockchain tech. Which is why they offer fundamentals in different trading strategies. They have also attracted more investors, particularly investors looking for real use-cases for their investments. The rise in the interest in altcoins in the futures trading market is highlighted in detail here.
Adding new products has helped Binance Future’s market share grow
The recent report given by Binance Futures touched on the market share of crypto Futures trading platforms. Binance Futures, claims more than 41% of the overall market. The platform following Binance Futures Huobi owns 31% of the market share. Bringing in new products to the platform has played a huge role in its market share’s growth.
According to the report, Binance Futures was the only platform that reported a high growth rate in the altcoin futures market share. The total volume quadrupled in just under one month. The market share for Bitmex and OKex remained unchanged. Third-generation digital currencies, with real-world uses, have been covered in a fresh essential topic in Binance Futures’ report.
Also, Chainlink’s LINK token is a third-generation coin with the fastest growth rate on Binance’s Futures platform. LINK has been one of the top traded altcoins on the Futures market in recent weeks. This has taken the altcoins’ value to a new all-time high price.
The Daily Volume of Contracts Offered by Binance Futures has Multiplied
Additionally, LINK only managed to trail behind ETH in the second position with more than $3.3 billion in daily volume. It also reached a 24-hour ATH of $590 million. Meanwhile, VET, ADA, and XTZ saw substantial growth as well after they all, recorded $2.2 billion, $3.2 billion, $1.4 billion, respectively.” Binance Futures’ report focuses mainly on the actively traded cryptos in another section. The report mentions ADA’s 200% growth last month claiming it was driven by the announcement of the Shelly upgrade.
VeChain on the other hand recorded good numbers as well. VET achieved a 300% increase in the last 30 days. It currently the third crypto on the list of the most actively traded offerings in Binance Futures. The daily volume across cryptocurrency perpetual contracts on Binance Futures has risen exponentially. It rose from below $500 million on July 1, to over $2 billion at press time. This represents a 4x increase in two weeks.