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While Bitcoin has recorded significant growth in valuation over the past month, the king coin’s ‘trading dominance’ has, however, fallen below 40% on Binance’s platform in January. Leading crypto-exchange platform, Binance recently published its January review and according to the post, the coin registered a trading dominance of 38.17% in the first month of the year. A decline of 2.31% was noted in the figure from December 2019.
Binance defines Bitcoin trading dominance as,
“Bitcoin trading dominance represents the respective volume contribution from Bitcoin trading, with BTC as a base currency, relative to the total spot volume on a platform [e.g., Binance] over a period of time.”
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Source: Binance Research | Bitcoin monthly trading dominance on Binance.com
The trading dominance reached its peak in August 2019 when it soared past 45%. The figures, however, started to fall soon after the high. In December, trading dominance was registered to be 40.48%.
Additionally, Bitcoin’s market dominance also decreased from nearly 68% in December 2019 to 65.3%, at press time.
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Source: CoinMarketCap | BTC Dominance
January has been positive for Bitcoin in terms of its price as well as on-chain activity. The crypto has gradually maintained an overall upward trend, from trading at a low of $6,974 on 3 January to soaring above the crucial $9k-mark. Despite sustaining minor bearish slumps, the coin managed to breach this level and was in a consolidating phase.
At press time, Bitcoin was priced at $9,347 after declining by 0.21%, while the total crypto-market cap stood at $170 billion. Additionally, the coin recorded a 24-hour trading of $30.19 billion.
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Source: CoinStats | Bitcoin [BTC]
Source (https://eng.ambcrypto.com/bitcoin-trading-dominance-drops-below-40-on-binances-platform/)