Binance’s cumulative spot quantity reached $7.23 trillion in 2024 marking 46.59% of the full market share.
- Binance’s cumulative spot quantity reached $7.23 trillion in 2024.
- BTC buyers on the trade remained bullish by 2024 driving costs to historic highs.
With the cryptocurrency market experiencing regular development all through 2024, Binance has grow to be essentially the most vital Crypto Alternate platform.
Over this era, the crypto trade has dominated the market, reflecting continued market confidence within the platform.
Based on CryptoQuant evaluation of 2024 cumulative spot quantity by exchanges, exchanges have performed a significant position within the continued development and improvement of the market.
Binance market dominance
As per CryptoQuant report, Binance has grow to be essentially the most dominant trade platform.
As such, Binance recorded a cumulative spot quantity of $7.23 trillion in 2024. This marked 46.59% of the full market share.
Supply: CryptoQuant
In comparison with different prime exchanges reminiscent of Bybit, Crypto.com, OKEx, and Coinbase, Binance accounted for 34.65% of the market share, reflecting an 11.94% lead over these opponents.
With the trade’s market share rising, it means that a good portion of Bitcoin’s liquidity and value actions happen on Binance.
Due to this fact, Binance’s efficiency is immediately correlated with BTC value actions, stability, and traits, given its excessive buying and selling quantity on the platform.
What it means for BTC
Since Binance is the dominant crypto trade, buyers’ sentiment on the platform displays broad market sentiment.
Based on AMBCrypto’s evaluation, the trade’s market share has grown steadily, however buyers have been principally optimistic about Bitcoin.
All through 2024, BTC buyers on Binance have proven optimism, driving costs to historic highs.
Supply: Santiment
This bullish sentiment is evidenced by a optimistic Binance funding fee. All through 2024, 10 months recorded a optimistic funding fee, aside from October and September.
When the funding fee stays largely optimistic, it means that buyers are bullish and prepared to pay a premium for lengthy positions, reflecting optimism about future value actions.
Supply: Santiment
Moreover, Binance’s historic BTC balances skilled a robust decline by November 2024. This drop suggests buyers are accumulating BTC as they withdraw extra belongings from the trade to non-public wallets.
Traditionally, adjustments within the trade’s BTC balances have all the time affected costs. For example, when it dropped to a yearly low, BTC surged to an all-time excessive (ATH) of $108k in November 2024.
The same sample was seen in March 2024 when BTC reached $70k for the primary time. Conversely, a surge in Binance balances triggered a value drop, reminiscent of in August 2024 when costs fell to $49k.
Learn Bitcoin’s [BTC] Price Prediction 2025-26
In conclusion, rising Binance market dominance has considerably impacted the crypto market. Whereas the trade has skilled large development, BTC buyers’ optimism on Binance has pushed costs to new ATHs.
With favorable circumstances, Bitcoin is well-positioned for extra features. As such, we may see BTC reclaim $96,700 if merchants stay bullish on the trade.
