Altcoins
Binance will boost copy trading with 50 new pairs
Cryptocurrency exchange industry leader Binance Holdings Ltd. has revealed plans to launch 50 new altcoin pairs on June 7, 2024. This is due to the increased awareness among the public in different parts of the world regarding assets in digital form.
In response to the growing interest in cryptocurrencies, Binance will introduce these additional altcoin pairs only to qualified users, increasing the variety and liquidity of trading on its platform. Notable additions include 1inch, Axie Infinity (AXS), and Alchemy Pay (ACH), all of which are benchmarked against Tether’s USDT.
Implications for the crypto market
The introduction of these altcoins highlights Binance’s central role in welcoming mass retail traders and expanding the accessibility of crypto projects worldwide, and trading combines high volatility and substantial liquidity .
The recent approval of Bitcoin spot ETFs in key markets has boosted market sentiment, attracting new participants intrigued by meme coins like Pepe (PEPE) and Floki Inu (FLOKI).
Market dynamics
With BNB, Binance’s native coin, already booming above $700This development bodes well for its position as the fourth largest cryptocurrency by market capitalization, with $103 billion and an average daily trading volume of around $4 billion.
Despite the lack of support from Western countries, the Binance ecosystem has grown into a web3 initiative. After settling a fine with the local government, Binance has just returned to the Indian market.
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