Can Bitcoin and Cryptocurrency Become More Than an Asset?

SectorFinancial Markets
CountryMiddle east

While Bitcoin and other cryptocurrencies have experienced slight setbacks over the last two weeks, the industry as a whole has been booming alongside other technology equities over the past year. Bitcoin continues to hover around $50,000, while other popular coins like Ethereum and Stellar have seen similar enormous growth.Cryptocurrency exchanges are booming as a result of quickly growing prices. Multitudes of new exchange websites and apps have sprouted up over the last couple of years hoping to capitalize on the growth of cryptocurrency, with some exchanges now managing the equivalent of billions of dollars in assets.The largest global cryptocurrency exchange is Binance, and as of February 11, the company has roughly $30.5 billion in assets trading on its platform. Founded in 2017 with headquarters in Malta, Binance has built a reputation as a trustworthy trading platform with hundreds of different cryptocurrencies available for trade.

The company also recently acquired the largest cryptocurrency exchange in India, WazirX, for around $10 million.Other notable cryptocurrency exchanges have billions in trade volume but fall well short of Binance's dominance. These include HBTC (previously known as BHEX) with $12.6 billion in trading volume, Dsdaq with $10.8 billion and Hydax with $10.7 billion.This massive jump in more...