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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

Binance Coin (BNB) Has Bigger Market Cap Than All Other Exchange-Based Tokens Combined, But Its Liquidity Is Low

  • Alex Morris
    📊‍ Infographics

    ⚔️💪Binance Coin (BNB) is the only exchange-based token that can rival major cryptocurrencies🔀

Binance Coin (BNB) Has Bigger Market Cap Than All Other Exchange-Based Tokens Combined, But Its Liquidity Is Low
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DataLight, the Blockchain startup that analyzes all types of crypto-related data, recently published a new study that specifically focuses on exchange-based tokens. The tokens were grouped according to their market capitalization, daily trading volume, liquidity, and Twitter hype.

👉MUST READ Binance Coin (BNB) Trumps Tron (TRX), Becoming 9th Biggest Cryptocurrency on CMC. Is Stellar (XLM) Next?

The most obvious leader

Binance Coin (BNB), the native token of the number one exchange by daily trading volume, greatly outperforms all other exchange-based tokens. With a market cap of $1.609 bln, it is easily bigger than all other coins from the same category combined (ABBC Coin (ABBC), its closest competitor, occupies only 40th place).

The liquidity problem

It is worth noting that the aforementioned ABBC coin takes the cake when it comes to liquidity (36.7 percent). For comparison, the liquidity of Binance Coin (BNB) stands at 6.5 percent, which is one of the worst results among the cryptocurrencies on the list.  

Meanwhile, DataLight revealed that Bitcoin (BTC) liquidity almost doubled since the beginning of 2019 Ethereum (ETH) liquidity also increased by 2.5 times.
 

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Bitcoin (BTC) and Tether (USDT) Saw Their Trading Volumes Surge in March

  • Alex Morris
    📊‍ Infographics

    Tether (USDT), despite numerous controversies surrounding the project, saw its volumes skyrocketing in March, which is a good indicator that stablecoins are alive and thriving. At the same time, Bitcoin (BTC) trading almost reached its yearly high, but the recent Bitwise report spoiled the celebration

Bitcoin (BTC) and Tether (USDT) Saw Their Trading Volumes Surge in March
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Tether (USDT), the flagship stablecoin, registered record-breaking trading volumes in March. While Bitcoin (BTC) experienced the same surge in trading, it’s not necessarily good news after the explosive Bitwise report.     

👉MUST READ Tether Ceding Ground to Competitors as Stablecoin Wars Pick Up Steam: Research

A historic record

On March 10, Tether’s trading volumes recorded a new historic maximum of $10 bln. The controversial dollar-pegged stablecoin, which many believe doesn’t have enough fiat reserves to back its token, saw this trend continuing throughout the whole month.   

March was also quite a success for Bitcoin – the number one cryptocurrency returned to its April numbers in terms of trading volumes with $11 bln. At the time, the BTC price was sitting at $9,750.

👉MUST READ Bitcoin (BTC) Transaction Fees Continue Declining Despite Trading Volumes Being on the Rise

Trading volumes hoax

Most probably, the study doesn’t take into account the most recent findings in the Bitwise Management report, which suggests that up to 95 percent of the total Bitcoin trading volume is artificially created by fraudulent exchanges. Earlier, U.Today also revealed what mechanisms different exchanges use to inflate their numbers.

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