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By Bernice Nyambura - December 25, 2020
The world’s biggest crypto exchange Binance has published a report showing the most actively traded crypto assets by big movers on its exchange in 2020.
The report, Crypto Trends 2020 on Binance says that Binance recorded an all-time high of $3 trillion in total trading volumes. The total market cap of the crypto market has increased by more than 3.3 times from an average of $193 billion to over $640 billion leading to a dramatic expansion of the crypto market.
“This has been one of the most important years on record for the blockchain and crypto landscape. Strong interest in crypto from everyday users and institutions alike have resulted in an influx of attention and capital, despite the global pandemic.”
Bitcoin (BTC), Ethereum (ETH), (XRP), Binance Coin (BNB), and Cardano (ADA) have been the most traded cryptocurrencies on Over-the-Counter (OTC) by crypto whales. This is because Binance OTC offers the traders access to deeper liquidity, fast settlement, and quick price quotes.
On its spot exchange, the most popular trading pairs were BTC/USDT, ETH/USDT, ETH/BTC, XRP/USDT, and BTC/BUSD, while the most popular coins held in the exchange were BTC, BNB, and ETH.
On the peer-to-peer exchange, popularity and highest trading activity came from Asia, Africa, and Eastern Europe, with traders focused on bypassing transaction fees and sending or receiving low-cost cross-border payments.
In the UK, Africa, and Russia, and CIS, Binance recorded more activity from traders buying and selling cryptocurrencies using fiat gateways via bank accounts, credit, and debit cards.
Bitcoin is still the king of the market, with a 66% dominance, but Ethereum has posted impressive growth especially due to its central role in the DeFi market.
Binance Futures which offers one of the widest futures contracts in the crypto industry has become a go-to option for many traders. The most-traded futures trading pairs were BTC/USDT, ETH/USDT, and LINK/USDT while the most traded leverage tokens by volume include LINKDOWN/USDT, and XRPUP/USDT.
Additionally, More Crypto owners have used Binance financial services such as Binance savings, Staking, and Liquid Swap in 2020 to capitalize on lending services. The top five Cryptos used for crypto loans include two stablecoins, USDT and BUSD, followed by KAVA, SXP, and NEO.
“Crypto loans often carry attractive, double digit interest rates, far higher than those seen on traditional loans. The market for crypto loans has increased steadily throughout the year, and poses an intriguing alternative to traditional banking.”
Institutions and everyday users have boosted the growth of the crypto market in 2020, leading to Bitcoin and altcoins parabolic rallies.
“The number of institutional clients on Binance grew by 46% since the end of 2019. Institutions are entering the crypto space at a historic rate.”
Binance stated that the adoption of stablecoins, crypto, and DeFi infrastructure, are also developing at a rapid rate, further heightening the anticipated growth of the crypto market in 2021.
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DISCLAIMER
The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
The original article written by Bernice Nyambura and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe
