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 change remained bullish via 2024 driving costs to historic highs.
With the cryptocurrency market experiencing regular progress all through 2024, Binance has change into probably the most vital Crypto Change platform.
Over this era, the crypto change has dominated the market, reflecting continued market confidence within the platform.
In accordance with CryptoQuant evaluation of 2024 cumulative spot quantity by exchanges, exchanges have performed an important function within the continued progress and growth of the market.
Binance market dominance
As per CryptoQuant report, Binance has change 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 full market share.
Supply: CryptoQuant
In comparison with different prime exchanges corresponding to 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 change’s market share rising, it means that a good portion of Bitcoin’s liquidity and worth actions happen on Binance.
Due to this fact, Binance’s efficiency is immediately correlated with BTC worth actions, stability, and tendencies, given its excessive buying and selling quantity on the platform.
What it means for BTC
Since Binance is the dominant crypto change, buyers’ sentiment on the platform displays broad market sentiment.
In accordance with AMBCrypto’s evaluation, the change’s market share has grown steadily, however buyers have been principally constructive 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 constructive Binance funding fee. All through 2024, 10 months recorded a constructive funding fee, apart from October and September.
When the funding fee stays largely constructive, it means that buyers are bullish and prepared 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 via November 2024. This drop suggests buyers are accumulating BTC as they withdraw extra property from the change to non-public wallets.
Traditionally, adjustments within the change’s BTC balances have all the time affected costs. As an illustration, 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 brought about a worth drop, corresponding to in August 2024 when costs fell to $49k.
Learn Bitcoin’s [BTC] Value Prediction 2025-26
In conclusion, rising Binance market dominance has considerably impacted the crypto market. Whereas the change has skilled large progress, BTC buyers’ optimism on Binance has pushed costs to new ATHs.
With favorable situations, Bitcoin is well-positioned for extra positive aspects. As such, we may see BTC reclaim $96,700 if merchants stay bullish on the change.
