Best Cryptocurrency Exchange 2017

The Rise of Binance: A Historical Snapshot of Cryptocurrencies in 2017

The Crypto Boom of 2017

The year 2017 marked a significant period in the history of cryptocurrencies. As of December 17th, there were a total of 1,335 active cryptocurrencies, according to CoinMarketCap. This represented a surge in the number of digital assets available, as there were only 717 active cryptocurrencies at the beginning of the year.

The Binance Phenomenon

One of the most notable developments in 2017 was the rise of Binance, a cryptocurrency exchange based in China. Founded in July 2017, Binance quickly became the most popular cryptocurrency exchange globally, attracting a significant user base and trading volume within a short period.

Binance's success can be attributed to several factors, including its low trading fees, user-friendly platform, and wide range of cryptocurrencies offered. In 2017, Binance listed over 100 cryptocurrencies, including Bitcoin, Ethereum, and Ripple. This allowed users to easily trade between different digital assets, contributing to the growth of the cryptocurrency market.

Other Notable Developments

In addition to Binance, other cryptocurrency exchanges also experienced significant growth in 2017. Coinbase, a US-based exchange, and Kraken, a European exchange, were among the top exchanges in terms of trading volume and user base. The year also saw the launch of several new cryptocurrencies, including Tron, EOS, and Cardano. These projects aimed to address various challenges in the cryptocurrency ecosystem, such as scalability, security, and interoperability.

Conclusion

The year 2017 was a pivotal moment for cryptocurrencies. The rise of Binance and other exchanges, along with the launch of new projects, contributed to the growth and popularity of digital assets. While the cryptocurrency market has experienced ups and downs since then, the events of 2017 laid the foundation for the continued development and adoption of cryptocurrencies in the global financial landscape.