New Hybrid Exchange Gains Traction As Binance Market Shares Drop; Tron On-chain Metrics Pump

Binance, one of the top centralized exchanges, has lost some of its market share amid the ongoing downtrend in the crypto space. Data shows that its trading volume has dropped, signaling low interest from investors. 

On the other hand, an upcoming hybrid exchange, DTX Exchange, is gaining momentum in the market. It allows investors to trade both traditional assets like forex, indices, stocks, and even digital currencies. Meanwhile, Tron (TRX) on-chain indicators, the daily transaction count and average transaction fee, have increased.

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Tron (TRX) On-Chain Metrics Rises

According to recent data from Token Terminal, the daily transaction count and the average transaction fee of Tron (TRX) have been on a steady rise in the past few years. Token Terminal further reported that the Tron network now supports slightly over 8 million daily transactions; largely led by stablecoins.

Additionally, over the last two years, the average transaction fee of TRON (TRX) has increased from 20 cents to $1. This latest news comes as the network made over $577 million in revenue in Q3, higher than that of Ethereum and Bitcoin. Presently, Tron coin is trading in the green region. 

The Tron (TRX) price has increased by 1.9% on the weekly timeframe and 4.1% on the monthly timeframe. The sentiment around the altcoin is bullish despite the downtrend in the general market. Analysts forecast the Tron price could increase to $0.18444 in the coming months. The cryptocurrency has two major supports at 50-SMA ($0.150938) and 200-SMA ($0.132568).

Binance (BNB) Market Share Dwindles Due To Bear Market 

CCData report shows that the trading volume on Binance spot and derivatives decreased by 23% and 21% due to the overall reduction of the centralized crypto exchange in the previous month. Binance held 27% of the market share in the spot sector and 40% of the volume in the derivatives market after the drop. The bear market might be blamed for the plunge in trading volume. 

In other news, Binance Coin BNB is trading between the 50-SMA ($552.82) and 200-SMA ($531.75), a sign of a struggle between bulls and bears. The Binance Coin price movement has been unstable, mirroring the mixed sentiment in the crypto market. Yet, analysts believe an uptrend could occur when the market settles. Coincodex forecasts the value of the Binance Coin crypto could pump to $674.13.

DTX Exchange (DTX) To Lead Other Exchanges in Terms of Market Share 

With Binance Market share declining, analysts believe DTX Exchange (DTX) can step up to take over. It is building a hybrid exchange protocol that will combine the best features of CEX and DEX into one place. Thus, users can invest in more than 120,000 types of assets, including gold, stocks, crypto coins, etc. This connects DTX to the $714.7 trillion OTC derivatives market, a bigger sector than all other crypto exchanges.

Besides that, other trading platforms take a long time to complete trades. However, DTX Exchange offers the fastest transaction speed of 0.04 seconds. Not only that, but those who are looking for privacy can join this platform. DTX Exchange does not have sign-up KYC checks and allows investors to maintain their privacy while trading. 

DTX Exchange, like other trading platforms, has a native token referred to as the DTX coin. The DeFi coin will give holders governance rights and low fees. It has reached the third stage of its presale with a price of $0.06 after an increase of more than 200%. Analysts have termed it as the best crypto to buy now and project it to rise by about tenfold before the year ends. They also claim that the amount of money the project raised could rise from over $3.6 million at this time to $5 million by the end of October.

Can DTX Exchange Rival Binance (BNB)?

Industry experts are optimistic about DTX Exchange, especially its hybrid approach, which allows it to tap into other markets apart from cryptocurrencies. With the Binance (BNB) market share dropping, DTX Exchange could become the next giant to rule the crypto exchange market in terms of volume and user base. 

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Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.