Bitcoin dominance emerged on the Binance exchange

The presence of bitcoins on the Binance cryptocurrency exchange has increased. Now trading in this digital asset accounts for 22.6% of the total reserve of the exchange cryptocurrency.

This situation began to take shape a couple of years ago. Initially (in 2018-2020), BTC dominance was only 8%. But by the beginning of 2022, this figure had grown by 120%. According to Glassnode, the Binance cryptocurrency exchange now holds ⅕ of the bitcoins that make up the reserve of all exchanges. This is about 577 thousand BTC.



The situation is similar for other exchanges. For example, FTX, Bitfinex and Bittrex. But the positions of Coinbase, Gemini, Huobi and Kraken have declined. The Huobi exchange suffered the most, with its bitcoin reserve falling from 400,000 to 12,300 BTC. The decline is likely due to the mining ban in China.

Currently, Bitcoin is trading at $38.9 thousand. Over the past month, its price has decreased by 11%. For a week - by 10%. It is not yet clear where the value of the first cryptocurrency will move. It has consolidated and is trading sideways.

If you decide to try your hand at the world of cryptocurrencies, do it with a trusted and reliable partner - BINANCE

Subscribe to our Telegram , Twitter , Facebook to be the first to know about cryptocurrency news!

CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources. Cryptocurrency is a high-risk asset, investments in it can lead to losses. Readers should do their own research before taking any action.