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Binance Adds BTC and ETH Markets for Monero Trading



There is always need for more trading markets for any cryptocurrency these days. In most cases, exchanges will simply add new currencies themselves on a regular basis. Binance has been working hard in this regard. Although some of their recent additions are questionable at best, things are looking up again. Their recent addition of Monero is more than welcome at this time.

It has to be said, Binance is quickly becoming a major cryptocurrency trading platform. Not all of the currencies listed there are of great value, though. Cryptocurrency is home to its fair share of useless coins. At the same time, the company is also adding some major currencies whenever the time arises. Their latest addition is none other than Monero. It is good to see more exchanges add top 10 cryptocurrencies as of late. 

Monero Trading Goes Live on Binance

As one would expect, there are now two trading markets for XMR. One is for Bitcoin and the other is for Ethereum. We don’t see XMR/ETH markets all that often these days. Rather strange, considering Ethereum has great potential as a secondary market. With these new trading markets open, it will b interesting to see if Monero gains traction on Binance.  So far, the volume seems to be pretty low, but that is only to be expected.

Not every cryptocurrency in the top 10 needs massive volume these days. Monero has always been a lesser liquid market compared to some others. With this new addition to Binance, that situation may come to change. The trading which has taken place seems to be on par with other exchanges. There is no arbitrary gap between platforms or any sort of price manipulation either. It will be interesting to see how things play out in both markets for XMR over the coming weeks.

In the end, Binance has added a coin people actually want to trade. Their list of currencies has grown a lot. Most of them are either illiquid or just pump-and-dump schemes. With Monero being added, an interesting decision is made. Bithumb in South Korea added XMR not too long ago as well. It is doubtful any of this will have a positive effect on the XMR price, though.Nor should it, as Monero has never been about hype whatsoever.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.



Author: Currency

Updated: November 10, 2017 — 3:22 pm

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