By
Godfrey Benjamin
July 3rd, 2024
Binance announced the support for the mid-cap altcoins led by Notcoin and will begin trading on June 7, 2024.
In confirmation of the heightened demand for digital assets in the past few months, the leading cryptocurrency exchange by daily average traded volume and globally registered users, Binance Holdings Ltd., has announced the listing of 50 new altcoin pairs. According to the announcements, Binance will open trading for the 50 altcoin pairs on June 7, 2024, to only eligible users.
Moreover, the Binance spot copy trading feature is not available in Canada, Cuba, the Crimea Region, Iran, Netherlands, North Korea, Syria, the United States of America, and its territories.
Some of the listed altcoins against Tether’s USDT include 1inch (1INCH), Alchemy Pay (ACH), Astar (ASTR), Celo (CELO), Enjin Coin (ENJ), Axie Infinity (AXS), IOTA, Notcoin (NOT), Ocean Protocol (OCEAN), Omni Network (OMNI), and SushiSwap (SUSHI), among others.
As a result, Binance spot copy traders can now access more trading pairs with deep liquidity and high volatility.
The Binance spot copy trading feature was unveiled late last year by the former CEO Changpeng Zhao (CZ), who is currently serving a four-month prison term in the United States.
Implications on the 50 Newly Listed Altcoins on Binance Copy Spot Trading
Despite the regulatory hurdles, Binance has grown in the past few years to the leading cryptocurrency exchange. Furthermore, Binance has a Bitcoin (BTC) balance of more than 578k, and over 197 million globally registered users.
As a result, the listing on the Binance cryptocurrency exchange is highly coveted by crypto projects seeking to scale to global markets.
The listing of 50 new crypto projects on Binance is an indication that mass retail traders are beginning to enter the industry. The recently approved spot Bitcoin exchange-traded funds (ETFs) in the United States, Hong Kong, Thailand, and Australia have rejuvenated the general bullish sentiments.
Additionally, the notable meme coin hype as observed by frog-themed Pepe (PEPE) and Floki Inu (FLOKI) has attracted more new traders in the web3 industry.
Consequently, the 50 crypto projects that have been listed on Binance spot copy trading will significantly benefit in more trading volume in the community quarters.
Market Picture
The listing of 50 new crypto projects on Binance is a major plus for the native coin BNB, which has already pumped over 7 percent in the past 24 hours to trade above $700 on Wednesday. According to the latest crypto data, BNB is the fourth largest cryptocurrency project with a market cap of about $103 billion and a daily average traded volume of around $4 billion.
The Binance ecosystem has grown to a major web3 project despite the lack of support from Western countries. Recently, Binance made its comeback to the Indian market after negotiating a fine with the local authorities.