It is difficult to think of a market with competition as fierce as the crypt coin market. For not only is there fierce competition between different cryptoactives. But also between the companies that make life in the crypto world, and especially between exchanges like Binance and Huobi. This explains why Huobi’s vice-president, Ciara Sun, celebrates Huobi beating Binance in the reserves of Bitcoin by exchange, in today’s Tweet.
Huobi Vice President denounces CoinMarketCap bias
The confrontation between Huobi and Binance
Although there is no doubt that Binance is the leading company in the crypto world, due to the size of the ecosystem it has built around its platform. The truth is that the first exchange position in the market is still open for the main exchange companies in the world.
And among them, probably no competition is as fierce as the one between Binance and Huobi. The two main international exchanges of crypto currencies, which are constantly trying to prove that they offer the best features for their users. Binance focuses on the Western world and Huobi on the Asian market.
Thus, all the rankings become part of this competition between the two giants. Including that of the exchanges with the largest reserves of Bitcoin in the world. A list that, although it is led by the American exchange Coinbase, due to the wallet service it offers to its users. It has Huobi and Binance in second and third place. The Vice President of the Asian Exchange, Ciara Sun, stands out:
„Huobi now has the 2nd largest balance #BTC among all exchanges according to @glassnode. Extreme growth since the 2017 rally! We’re expecting a great second half of 2020!“
Thus, Ciara Sun not only emphasizes Huobi’s position in the crypto market, but also mentions the growth he has had in recent years. And that it has allowed the exchange to position itself in second place by amount of Iq Option in reserve, even ahead of its great rival, Binance.