More than half of all Bitcoin (BTC) trade volume on exchanges is fictitious.

More than half of all Bitcoin (BTC) trade volume on exchanges is fictitious.

The market for digital assets is dominated by Bitcoin due to the fact that it was the first cryptocurrency ever created and receives the most attention. It represents more than 40 percent of the total capitalization of the cryptocurrency market worldwide.

Recent evidence suggests that these numbers might have been blown out of proportion, despite the fact that it is anticipated that the volume of Bitcoin trades will far outstrip that of other cryptocurrencies.

The current global daily Bitcoin trade volume is 128 billion dollars, which is 51% lower than the rumored amount of 262 billion dollars.

On Friday, Forbes published a piece that was the result of in-depth research and analysis into cryptocurrency exchanges. According to the findings of the investigation, about fifty one percent of the daily Bitcoin trading volumes that are reported on exchanges are either fictitious or have no economic significance. The information was compiled by Forbes through the analysis of as many as 157 cryptocurrency exchanges located in a variety of nations.

According to the findings of the study, the total daily trade volume in bitcoin was approximately 128 billion dollars on June 14. This amount is $134 billion lower than the $262 billion in trade volume that was recorded by the exchanges; this represents a loss of 51%. In addition to that, the paper analyzed the daily trading activity that took place within the exchanges. According to the survey, the top 21 exchanges experience daily trading activity worth more than $1 billion across spot, futures, and perpetual contracts. On the other hand, the daily trading activity recorded by the remaining 33 exchanges ranges anywhere from $200 million to 999 million dollars.

Binance holds the leading position among worldwide exchanges with a market share of 27%.

As was to be anticipated, the cryptocurrency trading platform Binance has established itself as the industry standard-bearer. The worldwide cryptocurrency exchange, which has offices in the Cayman Islands and the Seychelles, holds a significant portion of the global market share, which is now at 27%. The FTX was right behind it.

When it comes to futures trading, CME Group’s derivatives marketplace is head and shoulders above every other exchange, including spot market leaders Binance, FTX, and OKX. The American Markets organization takes great satisfaction in being the largest derivatives marketplace anywhere in the globe.

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