Mediaboss Marketing

Binance, founded in 2017 by Changpeng Zhao, emerged as a major player in the cryptocurrency industry. With a large crypto exchange volume of $7.7 trillion in 2021, it ranks among the worlds largest exchanges. According to 2021 estimates, Binance has over 28 million users.

The platforms inception was marked by rapid growth and success, with its headquarters in Hong Kong. However, due to mounting regulatory constraints, Binance relocated its servers and headquarters from Hong Kong to Malta. Below are the must-know Binance statistics highlighting everything you need to know about the giant crypto exchange.

Binance is one of the worlds largest and most well-known cryptocurrency exchanges. The platform allows users to buy, sell, trade, and invest in cryptocurrencies. Binance has gained popularity in the cryptocurrency community for its user-friendly interface, extensive range of supported cryptocurrencies, and competitive trading fees.

Binance Coin (BNB) is the cryptocurrency with the 4th-highest market capitalization, only behind Tether, Ethereum, and Bitcoin. It also acquired Trust Wallet, a decentralized cryptocurrency wallet, in July 2018.Binance Smart Chain supports smart contracts and is compatible with the Ethereum virtual machine (EVM)

However, there have been multiple criticisms of Binance Smart Chain concerning its level of centralization, which has led to several exploits on the network. Overall, Binance is a popular and reputable cryptocurrency exchange that offers a wide variety of coins for trading with low fees.Binance generated $20 billion in revenue in 2021, a 263% year-on-year increase. In 2020, Binance reported a profit of between $800 million and $1 billion.

It has yet to publish its 2021 figures.Binances annual revenue grew tenfold in the last two years, topping around $12 billion in 2022. However, its trading volumes have been declining, which could impact its revenues. It is important to note that Binance is a private company that does not disclose its revenue but reports its profits. Binances revenue and profits have been growing in recent years, and it remains the largest cryptocurrency exchange in the world.

1. Binance has experienced consistent growth in its user base since its inception. In 2017, the cryptocurrency exchange platform boasted more than 1.5 million users.

2. This number significantly jumped the following year, reaching 13.3 million users. By 2019, Binance had 16.5 million users, and this upward trend has continued.

3. In 2020, Binance reported having 21.5 million active users, which climbed to 28.6 million in 2021. Binances number of users was 89.5 million in August 2023.

4. Binances research reveals that 48% of its users are enthusiasts in the cryptocurrency space, while 15% rely on the platform as their primary source of income. A majority, around 65%, of Binance users hold Bitcoin in their portfolios, with most allocating between 1% and 20% of their crypto holdings to Bitcoin.

5. Additionally, more than 90% of Binances user base consists of males, and the average age of its users is approximately 35 years old.

6. Binance remains the worlds biggest crypto exchange, boasting 6,440 employees, with about 45 million American crypto users and 420 million global crypto users in 2023. Its revenue grew tenfold in the last two years, topping around $12 billion in 2022.

7. Binance Coin has a $70 billion market cap as of October 2021. As of October 2021, Binance Exchange has 337 coins on its platform. Its stablecoin, BUSD, exceeded $17 billion in market capitalization during the first half of 2023.

8. Overall, Binance remains the worlds largest cryptocurrency exchange by trading volume, with a growing user base and many coins available for trading. Its revenue and profits have been growing in recent years, and it continues to dominate the market regarding trading volume.

9. Binance, a prominent cryptocurrency exchange, has witnessed remarkable growth in its trading volumes.

10. In 2017, it started with a peak trading volume of $3 billion, and since then, its trajectory has been consistently upward.

11. The following year, it surged to $19 billion in peak trading volume, although it faced some regulatory challenges in 2019, causing a slight dip to $15 billion.

12. However, Binance made a strong comeback in 2020, reaching a peak trading volume of $35 billion, and it currently stands at an astonishing $76 billion.

13. These statistics indicate a significant acceleration in the platforms activity. Binance Coin, the native cryptocurrency of the exchange, boasts a market capitalization exceeding $70 billion, with 168 million coins in circulation.

14. Regarding crypto exchanges, Binance holds a substantial market share, with trading volumes exceeding $26 billion as of November 8, 2021.

15. The second-place exchange was Mandala, with a trading volume of $21.76 billion, while OKEx secured the third position with $6.83 billion in trading volume.

16. Binances 24-hour trading volume as of October 5, 2023, was $5.9 billion, and it had 362 coins and 1,316 trading pairs available on the exchange.

17. It is worth noting that Binances 24-hour trading volume reached $76 billion in 2021, which was more than twice its 2020 peak.

18. The most recent data from Binance reveals a significant upward trend in the annual crypto exchange volume on their platform since its inception.

19. In 2017, they reported an annual exchange volume of $59 billion. This figure experienced an almost tenfold increase, surging to over $515 billion in 2018.

20. Despite a slight decrease the following year, the exchange volume at $401 billion remained impressive. However, in 2020, the exchange volume skyrocketed to an astonishing $1.07 trillion.

21. Binances annual crypto exchange volume 2021 was $9.58 trillion, a 9x increase from the previous year.

22. Binances annualized volumes slowed to $16.8 billion a year in 2023, down around 28% from the first three months of this year and measured against 2022.

23. In May 2023, Similarweb, a competitive intelligence and traffic analytics platform for websites, revealed that Binance had 5 high traffic sources.

24. These traffic sources represent users by country on the Binance platform. The highest traffic came from Turkey (6.13%), which added an extra 0.82% to the value it recorded in February 2023.

25. The second highest traffic by country is from Vietnam, with 5.44% of the total Binance users.

26. Similarweb disclosed that the third highest traffic on Binance by country is from Russia, with 5.16%. In the fourth position is Argentina, with 4.63% of the total users on the crypto exchange company.

27. On the list of top 5 traffic sources on the Binance platform, the fifth position is India, with 4.61% of the total users on Binance.

28. Binance earns from its customers by taking some percentages from user transactions.

29. The percentage charged also depends on users status on the platform. Binance has Regular user status and VIP1 to VIP9 user ranking.

30. Moreover, the percentages Binance collects from each transaction also depend on the type of product and services it offers. Also, the crypto exchange platform takes 3.5% from its customers on transactions greater than $10.

31. However, not all transactions incur fees on the platform. Some include the Binance P2P service and internal funds transfer between Binance accounts.

32. Binance is one of many crypto firms that faced difficulty following regulatory crackdowns from countries, world organizations, and the U.S. SEC.

33. Most regulations were based on the safety and security of investors funds, money laundering, and terrorism financing.

34. Some regulatory authorities focused on the impact of crypto on its nations fiat currency and economy.

35. Despite these crackdowns, Binance is among the crypto firms that are still thriving. In 2023, the company has up to 150 million users against the 90 million it recorded in 2022. However, due to the effect of the crypto regulations, Binance had witnessed a drop in daily trading volume.

36. In August 2023, statistics show that Binance recorded a daily trading volume of $9.23 billion against $76 billion in August 2022.

37. Binance was launched in July 2017, and since then, it has thrived in the crypto industry owing to its potential and business strategies. This made it the worlds largest cryptocurrency exchange company by a broad margin.

38. The success was achieved largely due to its ability to capitalize on the huge surge in cryptocurrency interest. Binance attracted a lot of users by providing them with a fast and easy way to trade a wide variety of cryptocurrencies.

39. The platforms user-friendliness sets Binance apart from other exchanges. Again, it offers low trading fees and makes various trading options available to crypto investors.

40. Another interesting strategy that helped Binance is its focus on providing a safe and reliable crypto trading platform. With this, it built trust with its users and attracted more traders to its exchange platform.

41. Notably, Binance has two factions of its crypto exchange platform. These include Binance.US and Binance.

42. Binance.US was developed for the citizens of the United States because of the U.S. financial regulations. However, crypto investors can access both platforms using strong VPN services for passing the Binance blocking system by countries.

Binance is the worlds largest cryptocurrency exchange platform, widely used for storing and trading cryptocurrencies. With Binance, crypto enthusiasts can access a lot in the crypto space. The exchange supports crypto activities like trading, staking, farming, and NFTs. It has established itself as a crypto exchange trusted by investors, maintaining its status despite crypto regulations. Moreover, in 2023, Binance recorded 150 users on its platform despite pressures from the United States SEC.

According to statistics, Binance had its zenith daily trading volume in 2021. In that year, it recorded a $76 billion 24-hour trading volume.

On the crypto exchange platform, about 65% of its users hold Bitcoin as an asset. It was also reported that Binance users allocate 1 to 20% of their portfolio to it.

Statistics show that the worlds largest crypto exchange had $20 billion annual revenue in 2021.

Follow this link:

Binance Statistics 2023 (Data on Usage, Revenue, and More) - The Tech Report

Discover the top 10 cryptocurrencies with explosive potential in the 2024 market

Naturally, things havent exactly gone as smoothly since then. A bear market for cryptocurrencies emerged, with most major coins seeing sharp price declines. Even though the market has historically rebounded, cryptocurrency may not be here to stay. Of course, its hard to predict which cryptocurrency will take off next. We can identify a few potential contenders, though, who are leveraging the latest developments in digital payment systems, decentralized applications (dApps), and artificial intelligence (AI).

The cryptocurrency market is renowned for its volatility, making it difficult and thrilling to predict which coin will take off in2024. Traders and fans are constantly searching for the next great thing to invest in and strategies to increase their profits. These ten cryptocurrencies have the potential to explode in 2024.

Bitcoins enduring presence and growing adoption make it a standout choice for investors. The institutional interest in Bitcoin has been rising steadily, with corporations and hedge funds increasingly entering the market. As the bear market shows signs of subsiding, Bitcoin is trading at a substantial discount from its all-time highs, making it an attractive option for investors.

Ethereum, the leading smart contracts platform, continues to dominate the decentralized finance (DeFi) and non-fungible token (NFT) sectors. The transition to Ethereum 2.0 is set to enhance scalability and reduce transaction costs, further boosting its appeal. The deflationary nature of Ethereum, driven by ongoing Ether burning, adds to its investment allure.

Cosmos is a blockchain project designed to facilitate communication between decentralized applications (dApps) across different blockchains. Notably, Cosmos enables developers to build dApps on its platform, fostering a growing ecosystem.

Decentraland, a leading Metaverse cryptocurrency, has been making significant strides. High-profile collaborations, including partnerships with Samsung and other major companies, underscore its prominence. As the Metaverse gains traction, platforms like Decentraland are poised for remarkable growth.

Sandbox is another promising Metaverse project that gained traction in 2022. It sealed deals for hosting virtual music concerts and initiated a multimillion-dollar fund for creative projects within its Metaverse. With a fast-growing play-to-earn gaming ecosystem, Sandbox is among the top cryptocurrencies set to explode.

Chainlink, a decentralized Oracle platform, leads in the field of data reliability for smart contracts. Its widespread adoption, particularly by top projects like Ethereum and Solana, showcases its dominance. The quality of its data and scalability, achieved through hybrid smart contracts, positions Chainlink as a top contender for explosive growth.

Binance Coin (BNB) is integral to the Binance exchange and its affiliated products. BNBs value has surged over the years due to the growth of the Binance ecosystem, featuring a diverse range of cryptocurrencies, a crypto launch platform, and the Binance Smart Chain. BNBs deflationary tokenomics, combined with expanding use cases, make it a strong candidate for growth.

Avalanche stands out as a scalable, low-fee blockchain platform, emerging as a formidable competitor to Ethereum. With the DeFi sector poised for growth in the years ahead, Avalanche is well-positioned to experience explosive growth.

Terra has rapidly climbed to become the second-largest platform blockchain by total value locked. Its primary use case lies in the launch of algorithmic stablecoins, which offer stability and low regulatory risk. In an evolving crypto landscape, stablecoins are gaining significance, positioning Terra as a top contender for explosive growth.

Initially, a meme coin that gained prominence during the Dogecoin meme rally of 2020/21, Shiba Inu has witnessed substantial community growth and increased adoption. Should the market turn bullish in the coming years, Shiba Inu could experience a resurgence, solidifying its potential for explosive growth in 2024 and beyond.

Go here to read the rest:

10 Cryptocurrencies That Could Explode in 2024 - Analytics Insight

Cryptocurrencies seem to progress in popularity with each new year, and with them, new ways of trading have emerged. Automated trading, while not a brand-new concept, has found its footing in the crypto world. This has led to some intriguing strategies and tales of triumph that are turning heads in the industry.

Trading Bots in a Crypto World

Most are familiar with centralized trading bots, but the more technologically advanced go-to method in the industry is, crypto trading bots. These operate on decentralized platforms and arent tied down to one controlling entity. Many are attracted to the crypto industry for this sole factor, decentralization.

With this relatively new method, comes cutting-edge strategies that lead to profit-producing results. Lets dive into some of these lesser-told stories and exciting strategies.

Trading Based on the Mood of the Crowd

Instead of the traditional strategy of relying on just the technical analysis of the charts, a strategy growing in popularity is using an emotion-based trading bot, one that gauges the sentiment of traders to understand their psychology and predicts their next move.

Theyre scanning tweets, news stories, and online chatter to get a feel for public sentiment. Then, theyre making their move based on the sentiment they pick up.

Success Story: After 2 years, this trader finally cracks the code and discovers sentiment-based trading bots https://www.binance.com/en/feed/post/273778

Grid Trading Strategy?

The grid trading technique involves setting up a series of orders at regular intervals around a specific price point. Think of it as creating a net of buy and sell points that capitalize on market swings. When market prices touch any point in this net, an order is triggered, potentially capturing a profit.

If the market doesnt move as anticipated, the grid approach can help reduce the average buying or selling price, offering a chance to exit the position with minimal loss or even a slight gain.

The grid bot takes this strategy to the next level, where a plethora of data sets and information have to be analyzed across mere fractions of seconds to trade within specific ranges at vast speeds.

Using this strategy, a trader was able to secure over 40% profit in under a month!

https://medium.com/pionex/the-good-long-term-grid-strategy-makes-40-profit-in-just-20-days-big-price-range-150-grids-1ae9e2437ae3

Cross-Chain Capabilities: Arbitrage

In the past, traders were often confined to the boundaries of a single blockchain, limiting their reach and potential returns. However, with the advent of cross-chain technology, trading bots can now seamlessly monitor and operate across different networks. This ability to hop between chains allows for the identification of arbitrage opportunities that were previously inaccessible.

Arbitrage bots are a great way for traders to take advantage of price discrepancies that may occur across tens of thousands of exchanges. The goal is not to chase price action, rather quickly enter a position and exit it simultaneously by selling it on another exchange at a higher price.

For instance, an asset listed on both the Binance Smart Chain and the Polkadot network might exhibit price discrepancies due to market dynamics, liquidity differences, or regional factors. A bot with cross-chain capabilities can detect such disparities and execute trades to capitalize on them, all while ensuring transactional efficiency.

This advancement in trading technology is not merely about enhancing profitability. Its a testament to the adaptability and innovation inherent in the crypto space. As more blockchains emerge and the ecosystem becomes even more intricate, cross-chain trading bots will be indispensable tools, helping traders weave through the maze with finesse and precision.

Success leaves clues, and there are even case studies built around these strategies. https://www.antiersolutions.com/crypto-arbitrage-trading-bot/

Layer-2 Scalability Solutions = More Efficient Trading

As the crypto ecosystem evolves, scalability has become a pressing concern, especially with the rise of DeFi platforms and NFT marketplaces. Layer-2 solutions, like the Lightning Network for Bitcoin and Optimistic Rollups for Ethereum, promise faster transaction times and reduced fees. Modern trading bots are now being designed to specifically navigate and optimize trades on these Layer-2 platforms.

Wrapping Up

Crypto trading isnt just about making the quickest profits possible. Its a blend of innovation, personal touch, and growth. As tech keeps pushing boundaries, the world of automated crypto trading is set to get even more thrilling.

Read more:

The Rise of Automated Crypto Trading: Strategies and Success Stories - TechiExpert.com

Over the years, cryptocurrency has been a financial groundbreaker, providing numerous investment opportunities for those willing to take charge of the digital space. Since the initial launch of Bitcoin, the first cryptocurrency, in 2009, several smart contracts have been deployed, leading to the emergence of over 20,000 cryptocurrencies in todays market.

While some cryptocurrencies solve real-life problems, many are solely built on hype, exposing more investors to perplexing situations. So, its important to understand the fundamental principles of crypto investing to effortlessly navigate market risk. In this article, well explore the approach to evaluating cryptocurrencies and discovering the best cryptocurrency to invest in.

There are specific cryptocurrencies in the current market with huge potential. However, only a few investors who are grounded in market knowledge can discover these crypto hidden gems. To succeed in a volatile market like cryptocurrency, its crucial to build the right portfolio of low-risk assets. Here are the 5 top cryptocurrencies to invest in now:

Tekedia Mini-MBA (Feb 5 May 4, 2024) registration has started; register here.

Tekedia AI in Business Masterclass opens registrations here.

Join Tekedia Capital Syndicate and co-invest in Africas finest startupshere. Ten startups available.

The digital form of money has evolved, adopting several innovations to scale its ecosystem. After its recent embrace of Non-Fungible Tokens (NFTs) through inscriptions, Bitcoin has displayed huge potential as digital gold.

The Ethereum blockchain went through several dynamics, and pivoted for growth following its support for Web3 scaling solutions like Non-Fungible Tokens (NFTs), Decentralised Autonomous Organisations (DAOs), the metaverse, and Decentralised Applications (Dapps).

The flexibility of Ethereum in emerging markets is why investors consider it the future of digital finance. With more innovations ahead, ETH may become one of the most lucrative investments in the realm of finance.

The previous Matic network, Polygon, is one of the most innovative blockchains at the moment. Polygon provides open-source opportunities for developers to build scalable decentralised solutions, and as a result, its native token, Matic, may become one of the most valuable cryptocurrencies in the future, making the top list of every crypto investor.

BNB, the native cryptocurrency of the leading exchange, Binance, is attracting the interest of many investors today due to its wide range of opportunities. From the scalability of the Binance Smart Chain to BNB historical data, the coin has a positive outlook for both short-term and long-term investments.

While cryptocurrency assets are volatile, stablecoins like USDT have allowed investors to maintain price stability in recent times. Its real-life use-case case as a store of value makes it a top-tier investment for investors looking to leverage less risky opportunities.

Every successful cryptocurrency project emerged due to several innovative factors, providing an avenue for top-tier investments. Now, lets analyse some of them.

The Bitcoin currency is the first cryptocurrency to ever exist on the blockchain. It was first invented in October, 2008 and later launched in January, 2009 by an anonymous, called Satoshi Nakamoto. Since then, it has continued to revolutionise the world of finance, fostering the innovation of other cryptocurrencies and altcoins.

When a user transfers BTC from their wallet address to another persons address, the transaction is stored on the Bitcoin network and later assembled into blocks, which will be included on the blockchain when every block is mined.

The Bitcoin network operates a proof-of-work (PoW) consensus mechanism. In such a mechanism, the network incentivises miners to contribute their computational power. The stronger a computer, the more likely that it will earn a block reward which is the incentive that the Bitcoin network pays to miners.

Bitcoin halving is when a block reward is a reduction in the Bitcoin block reward. The halving occurs every four years after 210,000 blocks are reached and reduces the block reward by half.

Bitcoin has a total supply of 21 million due to a long-term effect of the halving. Since Bitcoin can only be divided into 100 million units of Satoshi, someday, the block reward will be smaller than the unit of Bitcoin. During this time, there will no longer be new Bitcoin in circulation, and miners will solely earn from transaction fees.

According to Statista, Bitcoin skyrocketed to its All-Time-High of $65,000 in 2021 following the launch of a Bitcoin ETF, BITO, in the United States. Other factors include the IPO launch of Coinbase and Teslas announcement of purchasing $1.5 billion worth of BTC. However, the cryptocurrency plummeted after a crypto exchange and hedge fund, FTX, filed for bankruptcy on July, 2023.

Recently, BTC has continued to experience a price hike due to a combination of factors. On 5 April, 2023, Bitcoin grew by 25% due to the adoption of Ordinals and the US banking crisis. On May 1, 2023, Bitcoin price surged to 47% since June 2022, before the financial company Celsius went bankrupt. On June 1, 2023, Bitcoin volume increased after it declared network support for BRC20 tokens.

In 2013, a developer named Vitalik Buterin proposed the initial idea of Nick Szabo on smart contracts, which later led to the creation of the Ethereum network. How Does Ethereum Work? Ethereum records transactions on the Ethereum database network, which is distributed among several computers (nodes).

Unlike the Bitcoin network, the Ethereum network allows developers to deploy smart contracts and create decentralised applications through open source.

Smart contracts are self-executing contracts executed by computer programmes that remove the need for an intermediary during a transaction. These contracts store transactions on a public ledger, which makes them traceable and irreversible.

Ethereum operated a proof-of-work (PoW) consensus mechanism until September 2022, after the merger. Since then, it has continued to operate on proof-of-stake (PoS), a protocol that helps the network maintain higher security and lower transaction fees. In a PoW, node validators stake capital in the form of ETH into a smart contract.

According to Statista, Ethereums price surged in 2021 after an NFT sold for 38,000 ETH, which was equivalent to $69 million at the time. In 2022, the price declined along with BTC after the cryptocurrency exchange, FTX, collapsed.

2023 is an interesting year for Ethereum. On April, 2023, the successful launch of the Ethereum Shangai Upgrade increased the price of ETH to $2100 before later experiencing a price reduction due to market volatility.

Deciding which cryptocurrency to invest in can be challenging when there are many scam tokens in the market. Considering the potential damage of hype-built cryptocurrencies, you want to ensure that you get substantial value for your time and money. Here are 5 key ways to choose the right crypto:

A website is the research bedrock of every cryptocurrency. Apart from giving you a grasp of its future expectations, its your walkthrough to a sound investment judgement. While a website is mandatory for every crypto project, some criteria require your attention to invest in worthy assets.

Firstly, the language usage on a website can inform you about the end goal of your potential investment. So, you want to examine the spelling, punctuation, and other linguistic elements to prevent falling victim to fake innovators.

While navigating through the website, perform a quick test of the user experience. Even though crypto websites often vary due to their respective protocols, a reputable project must have both straightforward content and a standard interface. Also, ensure that its recently updated so you dont entrust your money to a team thats unwilling to put in the work.

More so, founders are the spearheads of every cryptocurrency project. Therefore, you want to ensure that their real identities are included rather than an anonymous profile. Aside from this, look out for the partners page so you can use their strategic partnerships to gain insights into their core values.

Additionally, thoroughly evaluate the whitepaper page for a comprehensive understanding of the project. A whitepaper is a document that outlines the plans of every cryptocurrency project. However, it should clearly spell out the token goals and objectives.

Community is a core part of every successful cryptocurrency project. As a result, founders employ certain marketing tactics to increase their products reach. Although projects leverage several social media platforms to improve their token awareness, most cryptocurrencies invest their marketing efforts in Twitter, Discord, Telegram, and Reddit.

On their Twitter Channel, scrutinise the accounts longevity, followers, content engagement, and influencer partnerships. If the page was recently created, you want to make sure it doesnt have outrageous numbers of followers within a short time. Otherwise, the project is likely to invest in bot followers, which in some way signals desperation. At the same time, low engagements on big accounts can showcase illegitimate promotion.

More so, join their Twitter spaces and be attentive to how they handle constructive criticism. If they avoid crucial questions or are unable to make necessary corrections, then theres an underlying problem.

Additionally, evaluate their influencer partnerships. The kind of influencers promoting the coin is a reflection of their values. So if their reputation is jeopardised, consider it a red flag. You can also scrutinise their content to discover whether or not they are value-driven. If they post mostly giveaway content to expand their reach, then you may want to take some steps backwards.

While Twitter is the centre of promotion, Discord and Telegram are the homes of every project. The social media channels provide an avenue for founders to build a community around their projects. Therefore, you want to verify that the community is organic and value-oriented. If a channel is flooded with bot followers or pump-and-dump members, then its a red flag. Also, pay attention to how the moderators respond to complaints and suggestions. If they are reluctant to help the members, such an investment is tricky.

The price movement of a coin can provide you with insights into whether or not it is a safe investment. Although cryptocurrencies are volatile assets, this metric can help you decide on what crypto to invest in.

Websites like Coingecko and Coinmarketcap are fundamental tools where you can track the price of your potential cryptocurrency. If the coin is launched, you can use these websites to check the historical data.

Look out for a gradual increase in the price, and if theres an outrageous movement, its a sign of a pump-and-dump project or a rug pull. Scammers pump and dump these cryptocurrencies to make profits off their followers and community. They create hype around such projects through promotions to bait their followers into investing in them for liquidity exit.

Track the price history across different spans, from yearly to hourly movement, and pay close attention to whether theres anything unusual. Also, check the All Time High and the All Time Low to gain insight into the coins future. Combining these metrics can give you insights into the highest and lowest price your potential investment can get, so you can evaluate whether its worth your money.

Every successful cryptocurrency should be a liquid asset. Liquidity determines how urgently you can exchange your coin in the market. When buying or selling a cryptocurrency, youre operating as a liquidity provider to drive the volume of the coin.

The trading volume is a technical indicator that informs you about the authenticity of your potential investment. Investors use this metric to determine a potential upward trend or a reversal. If the volume is high, that can signal that investors are constantly trading it, while a low volume indicates a coin that lacks the faith of other investors.

Moreso, a trading volume can help you validate the markets strength. The metric serves as a yardstick to discover the demand for a cryptocurrency. If theres a change in the asset price in relation to the trading volume, it can help you determine whether the current trend is strong or weak. The asset price and trading volume correlate to showcase investors interest and strike a balance between market demand and supply. As a result, cryptocurrencies experience a drop in value when liquidity reduces and an increase when there are more buyers in the market.

Finally, low liquidity in the market can influence the tokens authenticity. Oftentimes, when investors are unable to sell off their low-priced assets, it creates a pump-and-dump situation for liquidity exit.

Cryptocurrencies showcase their potential through their use cases. A promising cryptocurrency should serve a purpose and offer a solution to real-world problems. Although not all cryptocurrencies solve a practical problem, most valuable coins provide usefulness to the blockchain ecosystem. A prominent example is Bitcoin, which has become a digital gold today as a form of exchange and store of value. Bitcoin allows people to exchange products and services using a decentralised mode of payment. Other notable examples are Ethereum and Polygon, which help developers deploy smart contracts for innovative products within the Web2 and Web3 ecosystems.

However, some tokens are solely built on hype or exist as mere jokes. These types of tokens are regarded as meme coins, and instead of being value-focused, theyre heavily dependent on social media noise. Meme coins leverage community raiders and influencers to push the token and drive the price higher. Although you can make a profit from these kinds of tokens, they are high-risk investments with little or no potential in the future. So, its wise to only invest in such cryptocurrencies when you have extra money that youre willing to lose.

Finally, the utility of a coin can influence its potential price. Whether or not a token has utility can determine its market demand in the future. Since every successful cryptocurrency convinces investors to hold onto the asset, you want to ensure that you put your money in an asset with a potential demand. Frequently Asked Questions

Ive answered some of the most popular questions below.

Despite the existence of thousands of scam coins in the current market, a few of them are hidden gems. To discover these tokens, you can pay attention to their market capitalisation. A market capitalisation is the multiplication of the current price and the circulating supply. The higher the market cap ranking, the lower the risk of your potential investment.

Additionally, use cryptocurrency tools like DefiLiama to conduct in-depth research on the price movement while considering important factors like the whitepaper, utility, and other evaluation methods shared in this article.

There are some promising tokens out there below $1. However, such tokens require in-depth cryptocurrency research. Therefore, you may have to combine both fundamental and technical analysis to draw your conclusion.

Knowing the best crypto to buy may seem challenging, but its not. Youre most likely experiencing difficulties due to several available cryptocurrencies and market speculation. While there are many tokens with no real-life value, assets like Bitcoin, Ethereum, Matic, Binance Coin, and USDT provide usefulness in the cryptocurrency ecosystem. However, its crucial to conduct due diligence before buying any coin and invest only what youre willing to lose.

If you learned something from this post, you may as well check out some of our other interesting articles.

Like Loading...

Read more:

The Best Crypto to Buy Now - Tekedia

Conservative leader Pierre Poilievre spoke in support of a private members bill banning federal vaccine mandates. Liberal MPs including Mark Gerretsen and Seamus ORegan said it was a waste of time and accused Poilievre of not being focused on real issues. True Norths Andrew Lawton says the Liberals just dont want to be forced to defend their atrocious Covid record.

Also, True North journalist Noah Jarvis joins the show to discuss his series on waste, mismanagement and conflicts of interest at the federal clean technology crown corporation Sustainable Development Technology Canada.

Plus, lawyers Christine Van Geyn and Joanna Baron of the Canadian Constitution Foundation have a new book out about the governments assaults on freedom over the last three years. They join the show to talk about Pandemic Panic: How Canadian Government Responses to Covid 19 Changed Civil Liberties Forever.

SUBSCRIBE TO THE ANDREW LAWTON SHOW

A Canadian broadcaster and columnist, Andrew serves as a journalism fellow at True North and host of The Andrew Lawton Show.

View all posts

Read more from the original source:
The Andrew Lawton Show | Liberals think bill banning vaccine mandates is "waste of time" - True North