Amid the ongoing struggle with global regulators, especially the US, Binance has taken another step. It published its first report on 2023, which was written by the research department. The report focuses on the outstanding performances of Bitcoin and USDT.
The extraordinary flexibility of Bitcoin
Despite facing numerous lawsuits, Binance has managed to maintain its position as the world’s largest exchange. cryptocoin.comWhen we look at it as a whole, the report underlines the difficult times the industry went through in the first half of the year, when Bitcoin’s performance stood out and significantly impacted traditional financial markets.
The market dominance of the cryptocurrency has reached its highest level since April 2021. Accordingly, it experienced an 87% increase in its price. It also outstripped traditional investment vehicles. Ordinals and inscriptions have brought new vitality to the Bitcoin ecosystem.
USDT growth amid stablecoin decline
Binance analysts noted the growth of USDT issued by Tether despite the 7% drop in global stablecoin market capitalization. USDT witnessed a remarkable growth of 25.8%.
The report also highlights that Ethereum’s liquid staking has reached an all-time high. On the other hand, it was emphasized that Solana returned successfully after a difficult 2022. Also, Tron’s USDT dominance continued its upward trajectory.
NFTs face price challenges
The research department has studied the world of Non-Fair Tokens (NFTs). Accordingly, Binance noted price drops and an overall lackluster performance. NFTs have experienced higher trading volumes in the first half of 2023 compared to the second half of 2022. Also, most NFTs have struggled to hold their value throughout the year.
As the largest cryptocurrency exchange by trading volume, Binance continues to have a significant impact on the crypto market. There are decisions and supports given to various projects by Binance. Accordingly, it has the potential to lead to unexpected leaps in the future. One of them is the QUICK token.
Binance completes QUICK token swap and revaluation
In a recent development, Binance announced the successful completion of its token swap and revaluation plan for altcoin QuickSwap (QUICK). The token experienced rapid price increases following Binance’s decision to support QUICK’s token swap and revaluation.
As part of the revaluation plan, 1 former QUICK token holders received 1,000 new QUICK tokens. Binance has launched deposit and withdrawal services for new QUICK tokens, ensuring smooth trading.
