On April 5, 2024, an on-chain analytics firm, Kaiko, posted on X (previously Twitter) that the number of listed trading pairs on centralized exchanges (CEXs) had increased by 5% since November 2023. With this 5% increase in the number of trading pairs, CEXs currently have over 4.5K trading pairs.
Why trading pairs are increasing on CEXs?
Kaiko highlights this increase in trading pairs as indicative of the demand from investors and traders. Additionally, this increasing trading also intensifies the competition between the top CEXs. At present, the top centralized exchanges are Binance, Coinbase, Bybit, OKXX, Upbit, and Kraken. In the last 24 hours, they gained a trading volume of nearly $27 billion, $3.6 billion, $4.7 billion, $4.2 billion, $3.5 billion, and $1.6 billion, respectively.
Despite this massive trading volume, the highest weekly visits are registered on Binance, with 21.02 million weekly visits, while Bybit and OKX secured the 2nd and 3rd spots with 8.1 million and 6.7 million weekly users, respectively.
It has also been observed that following the approval of a spot Bitcoin ETF (Exchange Traded Fund) in the United States, more crypto projects have come into existence, and this number is continuously increasing. Additionally, the number of investors and traders has increased following the approval of the spot Bitcoin ETF.
Why Binance delist lots of trading pairs?
In addition to the massive listing of new trading pairs, it has also been observed that CEXs maintain user safety and security by tracking and delisting numerous trading pairs. Earlier, this was observed on Binance, where to maintain users’ safety and safeguard investors and traders, they delisted several tokens from the exchange, including ANT, MULTI, VAI, and XMR tokens on February 20, 2024.
However, on April 5, 2024, the overall cryptocurrency market is negative, as is the market sentiment. Top cryptocurrencies like Bitcoin, Ethereum, Solana, Binance coin, and others experienced a massive downside momentum. If we look at the top 4 cryptocurrencies, Bitcoin experienced nearly 1% of downside momentum in the last 24 hours, Ethereum experienced nearly 4% of downside momentum, while Solana and Binance coin experienced downside momentum of over 9% and 2%, respectively.
On April 5, 2024, an on-chain analytics firm, Kaiko, posted on X (previously Twitter) that the number of listed trading pairs on centralized exchanges (CEXs) had increased by 5% since November 2023. With this 5% increase in the number of trading pairs, CEXs currently have over 4.5K trading pairs. Why trading pairs are increasing on […] Read MoreNews, Binance, Crypto
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