Binance is ranked number one in terms of the crypto exchange with the highest trade volume per day. At the moment of writing this, Binance is doing a whopping $2.11 Billion in daily trading. The main cryptocurrencies trading on the online exchange are bitcoin (BTC), Ethereum (ETH), Tron (TRX), Ripple (XRP) and Zilliqa (ZIL) in that order.
bitcoin leads the pack with $330.47 Million in trade volume and when paired with USDT; Ethereum is second with $90.6 Miillion when paired with USDT and $88.55 Million when paired with bitcoin. Tron, Ripple and Zilliqa have trade volumes of $88.3 Million, $84.362 Million and $59.16 Million respectively and all paired with BTC.
With the above information and the trading pairing mentioned, it is easy to conclude that the news about Binance when selecting trading pairs, will bring much anticipated action to the most popular crypto exchange. This is because USDT (Tether), which is pegged to the US Dollar, is only paired with Cardano (ADA), bitcoin Cash (BCC), Binance Coin (BNB), BTC, ETH, LTC, NEO and QTUM. This means that if you are trading any other coin or token and the market starts to tank, you will have to trade to BTC then to very quick to avoid losses.
With Binance currently trading 304 coins and tokens, this means a trader has to always rely on BTC, BNB or ETH to be a ‘middle-man’ coin, for you to stash your profits in USDT. In using these coins as a ‘middle-men’, you lose valuable time and incur an additional transaction fee just to get to USDT.
With personal experience, and the recent crash in December after Christmas, I found that I was able to avoid losses with Bitfinex which has USD paired with all the coins and tokens on the exchange. When the crypto market dipped, the USD was not affected and I could hold my loot safely in fiat as the crypto did all the ‘tumbling’ in the markets. To add to this, I only needed on transaction to be safely back to USD.
It is with this premise that when adds the fiat-to-crypto option on their exchange, that it is safe to conclude that this move will even attract more traders from other exchanges. Binance has also announced that it is shifting base to Malta in a bid to avoid crytocurrency crackdowns in China and tough regulations in America. The CEO of Binance, Zao Changpeng, is quoted about Malta:
“We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech.”
In conclusion, the Crypto-verse is still gaining momentum in a manner that had been predicted earlier this year, but there were lingering doubts due to the falling crypto values. Since April 12th, there was been a resurgence in the markets. What remains is the increase in mainstream adoption of the industry.
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The past week has been an exciting one for our dear Ripple (XRP) in the crypto markets. We saw XRP trading at $0.65 on Monday and an exciting $0.93 by Saturday, April 21st. This is a wonderful leap of 43% in less than a week. XRP is currently trading at $0.86. But this is normal for trading on Sunday is usually slow. Ethereum World News only 2 days ago.
The theory goes that on Sunday’s less traders are on the online exchanges than the usual weekdays and hence a notable reduction in trade volume as many opt to cash out at the end of the week. This is because Sunday has been traditionally viewed as a day of rest for many people across the globe.
Therefore, if the weekly patterns are to go by, tomorrow – Monday – will be the day Ripple sets its pace for the week. It is highly possible for us to see $1 per the coming week and around Thursday, 26th April. However, the markets have ways of shocking us with news announcements that are released every minute of everyday. Sometimes the news is good and causes a pump in the markets: and sometimes the news is drastic enough to cause a market crash.
One of these good news announcements, is the recent revelation of Ripple’s . The vision highlights and is summaries in the following quote:
“The emerging Internet of Value is beginning to radically improve our payments experience. The financial counterpart to the Internet of Information, the Internet of Value is the ability for value to be exchanged as easily as information. Just as speed and access to information on the Web have expanded knowledge, so will an Internet of Value bring down the cost of financial services, speed up money transfer, and deliver access to the furthest reaches of the world. This Internet of Value will effectively democratize finance.”
This means that in the current digital and electronic age, you could be sitting in Costa Rica and doing business with a farmer in Malawi. Payments on the blockchain and smart contracts guaranteeing that your transactions are frictionless, fast (XRP transaction speed – 3.3 seconds) and secure. This means that we will be continually connected on a peer to peer level, and the cost of goods, services and transactions, will drastically reduce.
This vision will only be made possible if crypto and blockchain adoption continues with the current momentum. This will transfer the control of financial transactions, back to the users through decentralization and as envision by .
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