Markets
Binance to Launch 50 Altcoin Pairs to Increase Variety
Industry leader in cryptocurrency exchanges, Binance Holdings Ltd., revealed that it intends to throw 50 new altcoin pairs on June 7, 2024. This is being done due to increased public awareness in different parts of the world towards assets in digital form.
In response to the growing interest in cryptocurrencies, Binance will introduce these extra altcoin pairs only to qualified users, increasing the trading variety and liquidity on its platform. Among the noteworthy additions are 1inch, Axie Infinity (AXS), and Alchemy Pay (ACH), all of which compare to Tether’s USDT.
Implications for the crypto market
The introduction of these altcoins underscores Binance’s pivotal role in accommodating mass retail traders and expanding the accessibility of crypto projects worldwide, and the trading pairs have strong volatility and substantial liquidity.
The recent approval of spot Bitcoin ETFs in major markets has reinforced market sentiment, attracting new participants intrigued by meme coins like Pepe (PEPE) and Floki Inu (FLOKI).
Market Dynamics
With BNB, Binance’s native currency, already on the rise over US$700This development bodes well for its position as the fourth largest cryptocurrency by market value, standing at $103 billion and an average daily trading volume of around $4 billion.
Despite the lack of support from Western nations, the Binance ecosystem has expanded to become a web3 initiative. After settling a fine with the local government, Binance has just returned to the Indian market.
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