As traders flocked back into the Crypto market during the recent BTC bull run, top 3 exchanges that topped the market in trading volume were Binance, BingX and OKX. On 16th Feb 2023, Binance as the market leader has the top 24hr Trading volume of $69,308,234,540. Coinmarketcap also reported that BingX, with the second largest trading volume, has seen an increase of 155% in trading volume that adds up to $20,721,718,146 in the past 24hrs. Holding the third largest trading volume is OKX at $19,074,274,365.
Trading volume is an important metric that measures how many shares or contracts are bought and sold over a specific period of time. It represents the total amount of activity in a market.
When there is a huge increase in trading volume, it means that there is a significant amount of buying and selling activity occurring. This could be due to a variety of factors such as a significant news event, changes in economic or political conditions, or shifts in investor sentiment.
A large increase in trading volume can indicate that there is increased interest or demand for the asset, and this can cause the price of the asset to go up or down depending on whether the buying or selling pressure is stronger. Traders and investors often look at trading volume as an important indicator of market activity and use it to help make decisions about when to buy or sell an asset.
This occurrence for BingX signifies a growth of interest in the field of copy trading and social trading. BingX has upgraded their products consistently resulting in their improved TPS. As the first Crypto exchange to also obtain Mazars proof of reserves audit, BingX has shown it’s importance that they give traders a piece of mind when investing on its platform. As a continuous strategy of putting users first, users skyrocketed together with the trading volume. This could show the rising interests of copy trading amongst newer investors jumping onto the crypto bandwagon.
The morning of 17th Feb 2023, we saw a drop in BTC prices that affected the growth of trading volume in derivatives exchanges. Due to the nature of derivatives trading, volume has been affected along with the fluctuation of BTC prices. Binance holds the top trading volume position as they continue to have a market leader position and support from spot traders and investors.
About BingX
Founded in 2018, BingX has grown to become the world’s leading social trading platform. It is a global digital asset, spot, and derivatives trading platform that provides a safe, reliable, user-centric, and open ecosystem with intuitive social trading features BingX offers popular Metaverse and Web3cryptocurrency derivatives and Copy Trading services to more than 100 countries and regions worldwide with over 5 million users.
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