Binance Volume, BNB Price Continue to Slip as Exchange Faces Fierce Competition
Binance is undoubtedly one of the most popular and widely considered as a fort for top coins in the market, has been facing stiff competition by smaller exchange platforms springing up.
Binance may be widely referred to as the biggest exchange platform, however, Binance has had to struggle to maintain its top spot.
In recent times, the battle for the top exchange platform has been intensified, and the competition Binance faces come from both popular, well-established exchange giants like OKEx, and Huobi and from smaller unknown digital exchange platforms and has been occasionally dethroned by them.
The ‘smaller’ exchange platforms that are given Binance a good run for its money include.
Coinbene; the new kid in the block shocked the crypto world last week when it upturned Binance with values that far exceeded that of Binance.
The exchange company which has its base in Singapore recorded a daily trade – exchange value of over $2 Billion USD to topple Binance.
Coinbene is an interesting new exchange platform, with a new model of exchange; the Revenue Distribution Model.
Using this model, Coinbene issues its own tokens to pay customers in return for the transactions fees they pay on the platform, it does this in form of cryptocurrency.
While critics may take hits on Coinbene for appearing like an ICO, it hasn’t stopped the exchange platform from amassing adaptors.
The exchange platform is currently ranked as the 19th most valued (daily trade volume of $83.7 million USD) according to the statistics recorded on Coinmarketcap.
CoinEX, two days After adopting the Trans-free mining (like Coinbene), the trade volume of CoinEx witnessed an unprecedented surge.
Jumping by over 30,000% (from $5 million to over $1.5 billion USD in less than 24 hours to overtake Binance as the exchange platform with the highest daily trade volume.
As at the time of this writing, CoinEx is the 24th most valuable digital exchange platform with a trade – exchange volume of $68.5 million USD over the last 24 hours.
FCoin is another new exchange platform looking to steal a top spot from major exchange platforms.
FCoin exchange hosts a native token FCoin (FT) on the platform and can be compared to the Binance Coin (BNB) and Binance, however, it implements the Revenue Distribution Model like Coinbene and CoinEx.
Despite the trans-free mining model (Revenue distribution) being highly criticized, it is beginning to gain relevance among exchange platforms.
FCoin exchange is only 2 months old, however, it has managed to break into the top 100 digital exchange platforms.
With the growth rate of these new exchange platform, the position of Binance in the long-run seems threatened.
Current Status of Binance Coin (BNB)
The bearish trend resumes, as more than 74% of the crypto market plunge into decline today.
As at the time of this writing, Binance Coin (BNB) is down by 3.43%, and trading at $14.13 apiece.
Binance Coin is the 17th largest cryptocurrency, with an estimated market capitalization of $1.61 billion USD.
Binance Coin (BNB), the native token for one of the most popular has suffered from the occasional dethroning of its mother chain.
However, as Binance reclaims its position, the value of the coin is expected to stabilize and appreciate if Binance holds on to the position for long.