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Top 10 Trading Pairs on Binance and Bitfinex Show Interesting Exchanges

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  • Darryn Pollock
    📊‍ Infographics

    Binance has a number of odd and obscure cryptocurrencies among leading pairs; Bitfinex shows mainly crypto to fiat exchanges

Top 10 Trading Pairs on Binance and Bitfinex Show Interesting Exchanges
Cover image via u.today
Contents

Darryn Pollock, Alexander Goborov

Binance has been in the news for sometime now with its listing acceptance for a number of smaller and lesser known coins, some of which are now being donated to charity. They have been happy to accept all comers, but what is more surprising to see is that some of these smaller coins are making a big splash in trading numbers.

A look at the top 10 trading pairs by number of transactions on Binance shows the usual players at the top; however, one might see it strange that Tether tops the trading numbers:

Top 10 Binance
Top 10 Trading Pairs on Binance and Bitfinex Show Interesting Exchanges

BTC (Bitcoin) / USDT (Tether) has by far the biggest trading numbers with ETH (Ethereum) / BTC  and ETH / USDT following. But not far down that top 10 list, there are appearances for coins like Red Pulse Phoenix (PHX) and Airswap (AST) which are closer to 200 than 100 on the market cap ranking.

These more obscure coins are being traded for BTC, which is understandable, but it is interesting to note just how many transactions are being made for such obscure coins.

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Tether’s importance

Tether has a long and sordid history with many worrying about its legitimacy as a stablecoin, especially after it lost its pegging earlier this month. Be that as it may, it has long had large transaction volumes, and numbers, and this is echoed on Binance.

The indication is that many may feel that it is worthwhile putting their cryptocurrency into a stable coin to avoid the volatility of the bearish Bitcoin market while still holding onto cryptocurrencies.

In second place is ETH / BTC showing the two top coins by market cap are heavily traded, but there is also evidence further down the list of Ethereum being traded for the more supposedly stable Tether. Ripple (XRP) makes an expected appearance in a pair with Bitcoin at number four, which is not surprising.

Lesser known coins

Where things do get interesting is the number of trades from PHX / BTC, more than BNB (Binance Coin) / BTC, as well as AST / BTC and GVT (Genesis Vision) / BTC. Three of these coins, baring BNB, are out of the top 100 coins; however, they are being traded at a large rate for Bitcoin regardless.

Bitfinex’s version

On another well-known crypto-trading platform, Bitfinex, we see a different situation with many traders opting for crypto to fiat currency exchanges:

Top 10 Bitfinex

The first four leading pairs on the list are all made up of crypto to fiat (US dollar) exchange pairs with Bitcoin, Ethereum, Ripple, and EOS respectively, all of whom are also crypto leaders by market cap, in that order.

Further down the list we see crypto pairs, ETH / BTC and XRP / BTC, followed by the rest, among them trading pairs that include Bitcoin Cash (BCH / USD, BCH / BTC) and Litecoin (LTC / USD). Interestingly, pairing with the US dollar aside, EOS does not comprise a separate pair with another cryptocurrency on Bitfinex; moreover, EOS is left out of Binance’s Top 10 list altogether, which could, in fact, be interpreted as a positive sign of the coin’s relative stability at present.

Here is the situation midweek. Stay tuned for more.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism

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  • Joseph Young
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    The so-called “China fever” on crypto like bitcoin has noticeably declined since President Xi’s speech on October 28.

Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism
Cover image via 123rf.com
Contents

Since Chinese President Xi Jinping expressed his support for blockchain technology on October 28, the so-called “China fever” on crypto like bitcoin has noticeably declined.

The price of bitcoin fell from around $10,600 to $8,500 and cryptocurrencies that are known have Chinese development teams such as NEO, Ontology, and TRON have slightly increased over the past three weeks, but not enough to be described as a speculative mania.

Why demand for bitcoin and other cryptocurrencies is not on the rise

Following the newly established vision of the Chinese government to push the development of blockchain technology, expectations for strengthened momentum of the cryptocurrency market rapidly increased.

Initially, such expectations combined preceded an abrupt overnight increase in the price of bitcoin to above a key “psychological level” at $10,000, but the price fell back to “pre-Xi” levels in a relatively short period.

Global markets analyst Alex Krüger said:
“Have mainland China investors increased their demand for bitcoin? BTC volumes quickly dropped back to pre Xi news levels; online searches in China are back down to pre Xi news levels; website traffic for exchanges catering to China barely changed since the news.

The ‘Chinese tokens,’ NEO, ONT and TRX, have all done well since the aftermath of the news, while VET (a supply chain oriented blockchain) has been cruising on China news. Don't think though this is a sign of a ‘speculative fever’ of any kind.”

The analyst emphasized that prior to the statement of President Xi on the focus of China to facilitate the development and implementation of blockchain technology, the penetration of cryptocurrencies in the region was already high.

Also, most mainland Chinese cryptocurrency investors are said to have been trading digital assets through overseas markets like Hong Kong, purchasing stablecoins like Tether with the Hong Kong dollar.

Hence, it is possible that the public already anticipated the government of China to eventually reiterate its plans to encourage blockchain development with the People’s Bank of China (PBoC) consistently stating that its plans for a state-operated digital currency is in the works.

“It is without doubt that with the announcement of Libra, governments, regulators and central banks around the world have had to expedite their plans and approach to digital assets,” Dave Chapman, BC Technology Group executive director, said.

Is this the end of the Xi-effect?

Some technical analysts have suggested that the upside movement of bitcoin to $10,600 in late October may have not been primarily fueled by the optimism around China’s blockchain development initiative, and that a cascade of short liquidations amidst a build up of sell pressure caused the rally.

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About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

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