The scene of crypto exploded when Binance was launched as one of the major cryptocurrency exchanges out there. The same scene continued to prosper during 2017 and the peak of crypto, which is when Binance captured the lion’s share of the overall crypto market. In 2019, Binance launched its United States branch (Binance.US) and quickly became popular on the market. In fact, so popular that the Binance US reaches 10% of the Coinbase trading volume – in just one month!
As you probably know if you have been following the latest Binance news, a regulatory change and new climate forced Binance to move its US investors off its flagship platform and onto a new US-based exchange. Just like the original Binance, the new US-based platform is growing rapidly and managed to reach the trading volume of many popular exchanges – such as Coinbase in this case.
Ever since this branch opened in late September, Binance US reaches new heights and has proved that it is a platform which marked a great start. The US branch is regularly adding new assets and is already capturing 10% of the trading volume that the rival Coinbase does.
As we can see from the reports, Binance US reaches trading volumes of over $15 million on any given day, while Coinbase reaches roughly $150 million in the same timeframe.
https://twitter.com/mdudas/status/1190340428643622912
According to analysts, increased competition can be good for crypto investors but the market as well. The Bitcoin news and altcoin updates are very much linked to these updates. In the United States, Coinbase has long enjoyed the leadership role and became a household name during the crypto hype bubble, topping the Apple’s app store list of top finance app.
However, Binance gave the platform a real run for the crypto crown and even surpassed Coinbase, becoming the market leader. The recent move to usher US investors to a new platform separated Binance and put it at risk of losing market share to Coinbase.
Despite the fact that there were reports describing Coinbase as “a killer” this move shows that Binance US reaches new heights every day and is picking up steam well – to quickly become the market’s best chance for a new leader.
The best case scenario at this point is for both of the platforms to continue on harmoniously and compete in such a way that causes both to regularly be improving their features and new assets.
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