Binance’s cumulative spot quantity reached $7.23 trillion in 2024 marking 46.59% of the overall market share.
- Binance’s cumulative spot quantity reached $7.23 trillion in 2024.
- BTC traders on the change remained bullish by means of 2024 driving costs to historic highs.
With the cryptocurrency market experiencing regular progress all through 2024, Binance has turn into probably the most vital Crypto Alternate platform.
Over this era, the crypto change 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 an important function within the continued progress and improvement of the market.
Binance market dominance
As per CryptoQuant report, Binance has turn into probably the most dominant change platform.
As such, Binance recorded a cumulative spot quantity of $7.23 trillion in 2024. This marked 46.59% of the overall market share.
Supply: CryptoQuant
In comparison with different high exchanges similar to Bybit, Crypto.com, OKEx, and Coinbase, Binance accounted for 34.65% of the market share, reflecting an 11.94% lead over these rivals.
With the change’s market share rising, it means that a good portion of Bitcoin’s liquidity and worth actions happen on Binance.
Subsequently, Binance’s efficiency is straight correlated with BTC worth actions, stability, and developments, given its excessive buying and selling quantity on the platform.
What it means for BTC
Since Binance is the dominant crypto change, traders’ sentiment on the platform displays broad market sentiment.
Based on AMBCrypto’s evaluation, the change’s market share has grown steadily, however traders have been largely optimistic about Bitcoin.
All through 2024, BTC traders on Binance have proven optimism, driving costs to historic highs.
Supply: Santiment
This bullish sentiment is evidenced by a optimistic Binance funding price. All through 2024, 10 months recorded a optimistic funding price, aside from October and September.
When the funding price stays largely optimistic, it means that traders are bullish and keen to pay a premium for lengthy positions, reflecting optimism about future worth actions.
Supply: Santiment
Moreover, Binance’s historic BTC balances skilled a powerful decline by means of November 2024. This drop suggests traders are accumulating BTC as they withdraw extra property from the change to private wallets.
Traditionally, modifications within the change’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.
An identical sample was seen in March 2024 when BTC reached $70k for the primary time. Conversely, a surge in Binance balances induced a worth drop, similar to 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 change has skilled huge progress, BTC traders’ optimism on Binance has pushed costs to new ATHs.
With favorable circumstances, Bitcoin is well-positioned for extra positive aspects. As such, we may see BTC reclaim $96,700 if merchants stay bullish on the change.
