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Binance: the price of Bitcoin resembles a stablecoin
Binance: the price of Bitcoin resembles a stablecoin
Bitcoin

Binance: the price of Bitcoin resembles a stablecoin

By Marco Cavicchioli - 20 Jul 2020

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This morning the CEO of Binance, Changpeng Zhao, aka CZ, told Bloomberg about the price of Bitcoin and the novelties of the exchange.

Speaking about BTC, CZ said that it is behaving almost like a stablecoin, namely that it is indeed very stable.

Aside from that, which is a fact visible to everyone, CZ talked about new developments concerning the Binance trading platform.

First of all, the latest analysis regarding the performance of futures contracts has been published by Binance. The highest growth was observed on altcoins, rather than Bitcoin (BTC), mainly due to their volatility.

The analysis begins precisely from the decline of the dominance of Bitcoin (BTC), which in recent months has always been decreasing to the advantage of the other crypto assets.

The numbers speak for themselves: in July alone, the growth of futures on altcoins was 150%, going from $2 billion to over $5 billion. Binance itself has increased the volume of altcoin futures by about 4 times, going from 500 million dollars to over 2 billion dollars in just 2 weeks.

There are also data on the market for these futures. In fact, Binance is not alone in providing this product even though it dominates by 41%. Huobi (31%) and OKEx follow closely, while BitMEX, FTX and Bybit have lower volumes.

In addition to futures data, the performances of several cryptocurrencies are also examined and it is clear that almost all of them are performing really well, as in the case of Chainlink (LINK), Cardano (ADA).

In the report, Binance also highlights the rise of some of the tokens related to decentralized finance (DeFi) such as Compound (COMP) and Kyber Network (KNC).

Looking instead at the data related to the popularity of futures already active in recent days, then it appears that the users’ favourites are Ethereum (ETH), Chainlink (LINK), Cardano (ADA), VeChain (VET) and Tezos (XTZ).

The report concludes by explaining that in this period these 3 main cryptocurrencies are dragging the market: Cardano (ADA), Chainlink (LINK) and VeChain (VET) and it is also thanks to futures that volumes seem to have increased.

In addition, this morning Binance decided to launch new ADA/USD futures that have leverage of up to 75x. 

Marco Cavicchioli
Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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