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"Bitcoin price resembles a stable currency"


This morning, the CEO of Binance, Changpeng Zhao, also known as the CZ, told Bloomberg about the bitcoin price and the news of the exchange.

Speaking about BTC, CZ said it behaves almost like a stablecoin, that is, it is very stable.

Apart from that, which is a fact visible to all, CZ spoke about the new developments related to the Binance trading platform.

First, Binance has released the latest analysis on the performance of futures contracts. The highest growth was observed in altcoins, instead of Bitcoin (BTC), mainly due to its volatility.

The analysis begins precisely from decline of the Bitcoin (BTC) domain, which in recent months has always been declining for the benefit of other cryptocurrencies.

The numbers speak for themselves: In July alone, futures growth in altcoins was 150%, going from $ 2 billion to over $ 5 billion. Binance itself has increased altcoins futures volume by approximately 4 times, going from $ 500 million to over $ 2 billion in just 2 weeks.

There is also market data for these futures. In fact, Binance is not alone in providing this product despite dominating 41%. Huobi (31%) and OKEx follow closely, while BitMEX, FTX and Bybit have lower volumes.

In addition to futures data, the returns of various cryptocurrencies are also examined and it is clear that almost all of them work really well, as in the case of Chainlink (LINK), Cardano (ADA).

In the report, Binance also highlights the rise of some of the decentralized finance related tokens (DeFi) such as Compound (COMP) and Kyber Network (KNC).

Looking instead at the data related to the popularity of futures already active in the past few days, it seems that users' favorites are Ethereum (ETH), Chainlink (LINK), Cardano (ADA), VeChain (VET) and Tezos (XTZ).

The report concludes by explaining that in this period these 3 main cryptocurrencies are dragging the market: Cardano (ADA), Chainlink (LINK) and VeChain (VET) and it is also thanks to futures that volumes seem to have increased.

Also, this morning Binance decided throw new ADA / USD futures that have leverage of up to 75x.

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