Binance Takes the First Position in the Bitcoin Futures Race...
Bitcoin, Cryptocurrency, News

Binance Takes the First Position in the Bitcoin Futures Race in Terms of Market Dominance

Binance exchange, a relatively new player in the Bitcoin Futures space, has taken the top spot in the Bitcoin Futures race. After a steady rise in futures volume on the exchange, Binance is now occupying the 1st position in terms of market dominance. The 24-hour volume on the exchange currently stands at almost $2 billion. 

According to data from market analytics firm Skew, Binance has overtaken the likes of BitMEX, OKEx and Huobi. BitMEX which held the 1st position for a very long period has now moved two steps backwards to 3rd position.    

Per the Skew data, OKEx is currently at the 2nd position with a 24-hour volume of $1.47 billion, followed by BitMEX and Huobi which are currently neck to neck at $1.42 billion. 

Considering the progressive drop in the performance of BitMEX, it appears the exchange never truly recovered after the historic Bitcoin crash on March 12. On that fateful day, it was reported that about $863 million in positions were liquidated on the exchange. 

The exchange also went offline for maintenance due to the high trading volume that occurred during the period. Since then, trading volumes on the platform have remained relatively low, and the exchange has been performing poorly as compared to its rivals. 

Nonetheless, data on the open interest also tells a different story. In terms of open interest, OKEx leads the chart, followed by BitMEX, with Binance occupying the 4th position. These are however active contracts that are yet to be fulfilled.

Despite a shake-up of the market share, probably due to the March crisis, the month was a record-breaking period for the various crypto exchanges. They made enormous profits from trading and also witnessed increase in trading volumes. 

Featured Image Courtesy of Shutterstock

coinmag

Born, raised and schooled in Sweden with a degree in law, Glenn is a long time crypto enthusiast. He quickly acknowledged the potential of the blockchain technology, and the benefits of decentralization. Glenn believes in a future where blockchain technology and decentralization will govern and enable people to have a transparent security and financial system.