Cardano, Chainlink, and VeChain Lead $2 Billion Altcoin Volume on Binance Futures

Binance published a detailed report about altcoin growth in the Futures platform in past months. The leading cryptocurrency exchange focused on the shift among investors to altcoins that have happened because of the recent low volatility in Bitcoin price.

Altcoins provide various solutions based on blockchain technology. So, they offer fundamentals in trading strategies and attract more investors, especially those looking for real-world use-cases in their investments. After all, the interest in the altcoins in futures trading has increased significantly.

One of the facts in the recent report from Binance Futures is the market share between cryptocurrency Futures trading platforms. Binance Futures, launched in 2019, claims %41 of the market while the following Huobi owns %31.

Adding new products to the trading platform has played a vital role in growing Binance Future’s market share. “Binance Futures was the only exchange that reported growth in altcoin futures market share as volume quadrupled in less than a month. Meanwhile, market share for OKex and Bitmex remained unchanged,” according to Binance Futures’ report.

Third-generation cryptocurrencies, the ones with the most real-world use-cases, are covered in another essential topic in the Binance Futures’ report.

Dominant Alts on Binance Futures

Dominant Alts on Binance Futures (Source: Binance)

The report cites Chainlink’s LINK token as one of the third-generation tokens with the fastest growth rate in the Futures platform. LINK has been among the top traded altcoins in the Futures market in the past weeks buoyed by the altcoin hitting a new all-time high.

LINK only trailed behind ETH in second place with over $3.3 billion in volume, while reaching a 24-hour ATH of $590 million. ADA, VET, and XTZ also saw substantial growth, recording over $3.2 billion, $2.2 billion, and $1.4 billion in volume, respectively,” according to the report.

Binance Futures’ report focuses on the most actively traded cryptocurrencies in another section. It mentions ADA’s %200 growth in the past months that was driven by the news of Shelly upgrade in the platform.

VeChain that focuses on supply chain management, has also recorded good numbers regarding growth. VET token achieved a %300 increase in the past month and is now the third cryptocurrency in the list of most actively traded ones in Binance Futures.

Generally, the daily volume across altcoin perpetual contracts offered by Binance Futures has multiplied exponentially from under $500 million on July 1st, to more than $2 billion today, representing a four times increase in just two weeks.