Crypto stock giant Binance writes in the monthly report: The Bitcoin dominance with the trading holds itself stable over 40 consecutive months over 40% on the platform.
Bitcoin still the king
According to Binance Research, Bitcoin trading dominance represents the volume contribution of Bitcoin trading (with BTC as base currency) relative to the total spot volume on the platform.
The market overview of the stock market shows that this ratio remained above 40% in November – with a slight increase of 1.45% compared to the October level. This is the fifth month in a row that the BTC trading dominance on the stock exchange has reached 40%.
At 45.45%, August was the highest month in this regard.
According to Tradingview.com, Bitcoin’s market share has now spent most of the month at 68-69%. Even with a correction of 47%, Bitcoin has remained strong in terms of market dominance, while the old coins, especially ETH and XRP, have been destroyed.
The study adds (perhaps little wonder to market observers) that BTC declined 17.5% in November and Altcoin’s prices had also dropped significantly. Some like Litecoin collapsed by almost 30% last month.
It also states that the dumping of the Ethereum price, which resulted in a monthly loss of 20%, had a positive effect on DeFi, with the cumulative amount of ETH Zurich peaking at 4.4 million. Maker released the multi-collateral Dai, which operates together with the single collateral Dai, which was renamed Sai.
Binance continues to grow
The remainder of the report is largely Binance-oriented, covering topics such as the expansion of the BUSD pairs around Tron, EOS, Stellar and Cardano. In November there were only two new offers – Cortex and ARPA Chain, four new pairs were listed on the Binance DEX.
However, the volume on the decentralized stock market has declined to $ 1.3 million at the end of the month. The situation is very different with the Binance futures, which continue to grow: The perennial BTC / USDT contract had an average daily volume of $ 920 million in November.
Open interest has been steadily rising, closing November at 95% over 31st October.
The Bitcoin and crypto exchange opened their second indefinite contract for Ethereum at the end of November, offering 50x leverage. The margin trading options have also been extended – to IOTA and Tezos.
The report concludes that this is a “negative month” for the crypto industry – with Exchange hacks, crackdowns in China and the associated media FUD.