This is another evidence of Binance's hegemony at a time when all cryptocurrency exchange platforms are experiencing difficulties. The company is now the entity in the world with the most bitcoins (BTC).
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Binance becomes the largest bitcoin holder globally.
The inversion of trends had been going on for a while. Coinbase's reserves had started to sharply decline in 2021, while Binance's bitcoin reserves were increasing.
If one focuses on the volumes of the two platforms, the distinction is much more subtle. In comparison to Coinbase, Binance saw a volume of $3,1 billion worth of transactions take place on its platform in a single day.
Binance, a behemoth even in a bad market
Since a few months ago, the bear market has severely impacted cryptocurrency businesses. But the massive Binance seemed unaffected and even threatened to hire new employees, while other exchanges were already obtaining licenses. Thus, in June of last year, Coinbase decreased its effectifs by 18 percent.
Another indication of Binance's financial security is its decision to waive BTC transaction fees in honor of its fifth anniversary. It is also sufficient to look at the locations of the company's cryptocurrency assets.
for a better understanding of their current position. His BNB is the fifth-highest capitalized cryptocurrency, valued at $42.3 billion. It is sixth in terms of its stablecoin BUSD, at $18.1 billion.
Bear markets are sometimes said to "purge" shoddy projects, but they can have another effect. They have a tendency to elevate major players who are aware of how to demonstrate their strength. No matter how much or how little one likes Binance's current hegemony, one thing is certain: the giant is far from being overthrown.