Around 40% of Trading on Binance Is Bitcoin (BTC) Against Stablecoin Pairs
Bitcoin’s market dominance surged in the third quarter of 2019, briefly reaching highs above 70% of the total market. Mirroring that surge, Binance reports Bitcoin and stablecoin trading pairs also grew in trading dominance in Q3, making up roughly 40% of all trading activity on Binance.
The report notes that Bitcoin’s trading volume dominance had fluctuated between 15-25% for the first half of 2019.
“The third quarter of 2019 exhibited adverse price movements, breaking the two consecutive quarterly price gains in Q1 and Q2,” Binance Research noted. “In Q3, Bitcoin’s price dropped by nearly 30%, closing on September 30th at around $8,000. Meanwhile, large marketcap altcoins all displayed negative performances ranging from -38% to -60%.”
The report matches September exchange data published by Binance Research that shows only Ethereum (ETH) comes close to Bitcoin’s average daily volume, although all of the top-9 altcoins saw significant volume growth last month, apart from Binance Coin (BNB).
Binance also touched on a number of altcoin correlation trends from Q3 in the report, indicating that coins that are Proof-of-Work, Privacy or Programmable blockchains all had strong correlations within their respective categories.
It’s worth noting that Binance’s data was likely skewed somewhat in Q3 because of the shift of US operations to Binance.US, the dedicated exchange for American investors. US-based investors who haven’t made the jump to Binance.US can do so through our referral link to receive a $15 bonus.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.