Binance CEO, Changpeng Zhao, gets excited on twitter as he shares competitive winning statistics for his firm.
‘Come to Papa,’ says Zhao as the statistic from TokenAnalyst depicts that a large amount of crypto volume has shifted from Huobi to Binance. The platform analyses the flow of Bitcoin among exchanges. The analytics still looks in the building phases and hasn’t included other important exchanges like Coinbase and Okex.
Moreover, the flow of high-volume BTC transfers via OTC exchanges and other institutional platforms are beyond scope at the moment.
Competition between Huobi and Binance
According to the Bitcoin Flow Chart between exchanges, Huobi seems to have lost considerable share. It tweeted,
Huobi wallets sent the most $BTC to Binance wallets in 2019 – Total of 259K BTC was sent – Total # of txns: 48K – Avg txn value: 5.4 BTC
Nevertheless, some of the Binance users have moved their assets to Huobi as well. It looks like these many of these people might be operating accounts on both exchanges.
Binance made immense growth this year. The IEO wing of Binance, the Launchpad, issued ten cryptocurrencies on the exchange this year. Binance [BNB] Coin also grew exponentially as it attains the top ten positions according to market capitalization.
Huobi also made significant announcements in the OTC markets, IEO space and even large scale adoption with smartphones.
Moreover, in the derivatives space as well, Huobi’s Derivative Market (Huobi DM) has made significant progress since launch. It reports a $4.45 billion trading volume in the last 24 hours. The separation of the futures market with the spot on Huobi could also account for the difference with Binance. Binance Futures contracts are supported on Binance itself.
The Chinese Picture
Apart from an advantage over Huobi, CZ also suggests that contrary to popular belief, Chinese retail markets are active. With cryptocurrency exchanges banned in China, the investors have limited options when it comes to global exchanges. Okex, Huobi, Bitfinex are other prominent exchanges in the region.
However, the data from Okex was excluded from the mix. Its addition could add further clarity to the Chinese scenario.
Furthermore, the state authorities in China also removed Bitcoin mining from its list of restricted activities in China. The restriction created an immense stir in the market as a ban could effectively disrupt more than 60% of the total Bitcoin mining globally.
The move is bullish for Bitcoin as well as China continues to grow cutting edge hardware and efficient mining farm.
Do you think that the retail volume of cryptocurrency investment in China could increase further? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com