- Binance led the exchange market trading volume, which saw an increase to $705 billion last month.
- Binance has emerged as a key industry entity with the Proof of Reserves and Industry Recovery Fund initiatives.
- Binance Coin price could be looking at a 14% recovery if it manages to reclaim the $311 resistance level.
Binance is known as the biggest cryptocurrency exchange for its daily trading volume, but over the last few weeks, it has even justified itself as one of the biggest crypto market players. Following a sale of all of its FTT holdings and the subsequent collapse of FTX, Binance has come out on top.
Binance sees growth
Binance noted a significant increase in the daily traded volume over the month of November. The fall of FTX triggered a rise in user participation, benefitting some of the biggest exchanges, including Binance, Coinbase, Kraken etc.
As per crypto data provider Kaiko’s newsletter, the monthly traded volume spiked by 23% to $705 billion. However, this jump was primarily led by Binance, whose trading activity noted a 30% rise in the last month. Over time, this is expected to swell further as Binance is in a position of strength at the moment. The newsletter justified this as,
“Binance may benefit, despite not having an official headquarters, because it has projected an image of strength through the crisis with the best liquidity of any centralized exchange.”
The evidence of the same is visible in the initiatives taken by Binance in the last couple of weeks. Binance established the Industry Recovery Initiative (IRI) fund to support the projects impacted by the liquidity crisis due to FTX’s downfall. The cryptocurrency exchange alone allocated over $1 billion at launch and also encouraged other industry players to do the same.
Binance also initiated the transparency trend by suggesting the publishing of Proof of Reserves of customer funds. The exchange walked the talk and posted its Bitcoin reserves to the ratio of 101%, covering $9.48 billion worth of customer funds with reserves valued at over $9.59 billion.
Binance Coin price to mark an uptick
Binance Coin price is seemingly not making strides currently. However, the broader market bullish cues might trigger a recovery for the asset. The altcoin is trading at $288 at the moment, moving close to its immediate support level at $284.
If Binance Coin price bounces off of this support and breaches $297, it could be looking at $311 as its next target. Flipping $311 into a support floor would enable BNB to kickstart a rally toward $328, marking a 14% increase in price.
BNB/USD 4-hour chart
On the other hand, if Binance Coin price loses the support at $284, it would trickle down, potentially tagging the support at $274 and $264. However, if BNB registers a daily candlestick close below $264, it would invalidate the bullish thesis, with anticipated bearishness for the altcoin tagging $249.
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