Binance, BitMEX, and Coinbase continue to lockhorns in the Bitcoin market to achieve the best possible outcome and stay on top of their games. In the recent times BitMEX has enjoyed its growth as it has dominated the market for a long period of time.
But the recent data has shown that Binance is set to overtake BitMEX as it has opened a big gap between the two to become the top liquidity provider for massive market orders.
According to a few data from skew blockchain and crypto market analytics, Binance is “now competing very closely with BitMEX in terms of liquidity for large market orders.” A tweet also mentioned that the “theoretical Bid/Ask on a $10mln market order is ~31-32bps on both” platforms, suggesting they are now neck and neck.
The devastation stems from the Black Thursday cascade effect of BitMEX traders being liquidated has left a dark cloud over the Bitcoin margin trading platform. The platform’s negative reputation may also be catching up with them as a result.
In the meantime, Binance continues to grow. It has purchased CoinMarketCap, launched a Twitter emoji for its Binance Coin token to celebrate its anniversary, and several IEO tokens are soaring in the current times.
Binance will continue to be a split between derivatives, spot as it serves catalog of exotic altcoins to make the platform attractive for crypto whales. Additionally, now liquidity can handle their large-sized market orders, BitMEX’s days could be numbered. Especially with a growing sea of competition in the crypto space.