Binance: All the factors that helped BNB find its footing in 2024
  • Binance spot and derivatives trading volumes have reached 2021 levels.
  • BNB continued to rise above the $500 threshold.

According to recent reports, Binance [BNB] We have made significant progress in recovering from recent challenges.

According to the data CC data, Binance attracted the highest spot and derivatives trading volume in the past three years. Furthermore, its native token BNB was able to maintain its position among the top 5 assets.

Binance regains dominance

According to the report, combined spot and derivative trading volume on centralized exchanges increased by 92.9% to reach a record $9.12 trillion in March.

Specifically, derivatives trading volume reached unprecedented levels, increasing by 86.5% to $6.18 trillion.

The report highlights that Binance’s spot trading volume rose 121% to $1.12 trillion in March, marking the exchange’s highest spot trading volume since May 2021.

Similarly, derivatives trading volume also increased significantly, increasing by 89.7% to $2.91 trillion, the highest level since May 2021.

This recent data marks a positive development for Binance, which has been facing challenges to its dominance following regulatory scrutiny from the U.S. Department of Justice.

BNB remains above the neutral line

AMBCrypto’s analysis of BNB price trends shows that it has been an eventful month. On the daily timeframe chart, BNB soared to the $500 price range in March, even trading above $600 at certain points during the month.

At the time of this writing, it was trading at around $586, one of its all-time highs, despite recent declines.

Binance coin price trends

Source: TradingView

BNB continues the bullish trend that began in February, with the Relative Strength Index (RSI) hovering near 60 at the time of writing.

Furthermore, moving average convergence divergence (MACD) analysis suggested that the BNB trend is moderately strong.

Realistic or not, BNB’s market capitalization in BTC is as follows:

Binance maintains top 5 ranking

According to data from coin market capBinance maintained its position as the fourth largest cryptocurrency asset.

At the time of this writing, the company’s market capitalization was over $87 billion, despite the price decline.

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