Binance’s research arm, Binance Research, recently shared an overview of the ecosystem, mainly revolving around altcoin updates including ETH 2.0 and clear reward mechanisms. Highlighting the unstable crypto-market in October, the report stated that Bitcoin recorded its second-most volatile day in the last two years, one resulting in a monthly price change of +13.96%.
Considering only the leading cryptocurrencies in the altcoin ecosystem, Binance Coin reported the highest monthly change at 30.27%, which was followed by Bitcoin Cash at 27.23% and XRP at 16.23%. Additionally, Litecoin and Ethereum’s monthly volume average change were in the negative.
Binance also reported that Bitcoin’s trading dominance remained above 40% at extremely high levels, when compared to the beginning of 2019. Meanwhile, Bitcoin’s market dominance remained at around 65-70% in October. According to the exchange, Bitcoin’s trading dominance represents the respective volume contribution from Bitcoin trading, with BTC as a base currency, relative to the total spot volume on a platform (e.g., Binance) over a period of time.
Binance DEX has reportedly tokenized and listed Bitcoin Cash (BCH) and XRP as BEP-2 assets, paired against BNB and BUSD, respectively. However, citing the above graph that indicates volume on the Binance DEX since August 2019, the Binance report claimed,
“The daily volume on the Binance DEX remains around $1.5 million. Despite it representing less than 0.5% than the daily volume on Binance.com, it still represents one of the most significant trading places amongst decentralized exchanges.”