Altcoin News: Binance Unveils First Global Cryptocurrency Market Report

August 6, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Two divisions of the Binance cryptocurrency exchange — Binance Research and Binance Trading — this Tuesday presented the first issue of the monthly report under the heading “Global Markets”, which highlighted the development of the market from an institutional perspective.

Analysts note that throughout July, Bitcoin fluctuated around the resistance level of $10,000, while altcoins were weaker, which can serve as confirmation of the continuing uncertainty among investors regarding the distribution of assets.

As an independent area, cryptocurrency stacking continued to be fixed, which is interested in both retail and institutional clients. The search for new areas of application of cryptocurrency assets, according to the authors of the report, reflects the development of industry participants.

Analysts also expect that one of the main trends in the near future will be the offers of security tokens, supported by new developments in the Polymath project and the interest of authorities in various jurisdictions.

The three most successful assets at Binance in July were Ren Project (REN), WaltonChain (WTC) and Populous (PPT).

Algorand (ALGO), Dent (DENT) and Celer Network (CELR) lost the most in the month.

Image credit: Binance

The liquidity of the Binance DEX platform in July remained fairly low relative to the main Binance.com exchange. Nevertheless, the average daily value of trading volumes on the first of them amounted to $7.4 million, while on other exchanges in the Ethereum ecosystem — $ 1–2 million.

“ As a result, Binance DEX has become the most used decentralized exchange as measured by trading volume, with a total monthly volume of USD 229 million in July 2019,” the authors of the report write.

Image credit: Binance

Binance Trading OTC staff notes that July turned out to be a month of correction and at the same time a “triumph of Bitcoin maximalists.” This is reflected in the fact that the Bitcoin dominance index for the indicated period rose from 61.5% to 64.5%.

“ It will be interesting to see if and when the market ultimately decides to move back into altcoins, and the magnitude of these flows,” analysts say.

According to them, in July the market experienced a “natural correction”.

“Investors were naturally happy about BTC’s increase in price and the subsequent overall market cap increase, but very few expected prices to continue to rise as did at the end of 2017,” the publication says. “What was surprising was the fact that despite low altcoin prices, the appetite for these alternative assets, both high and low market cap, was feeble from investors.”

On the OTC market, altcoins were more active in early July, while by the middle of the month, attention was shifted to stablecoins and Bitcoin, which coincided with a fall in the price of the latter. At the end of the month, investors also showed increased interest in stablecoin transactions (for example, in the USDC / PAX pair), trying to find opportunities for arbitrage.

Author: Marko Vidrih