In 2024, Binance‘s total trading volume on its spot markets amounted to an impressive $7.23 trillion, accounting for approximately 46.59% of the entire market share.
- Binance’s cumulative spot volume reached $7.23 trillion in 2024.
- BTC investors on the exchange remained bullish through 2024 driving prices to historical highs.
As the cryptocurrency market saw consistent expansion throughout 2024, Binance emerged as the dominant Cryptocurrency Trading Platform.
During this timeframe, the cryptocurrency trading platform has held a leading position in the market, demonstrating ongoing market trust in its services.
Based on CryptoQuant’s examination of total spot trading volume across exchanges up until 2024, it is clear that these platforms have significantly contributed to the ongoing expansion and maturity of the crypto market.
Binance market dominance
As per CryptoQuant report, Binance has become the most dominant exchange platform.
To put it simply, Binance’s total trading volume for the year 2024 amounted to an impressive $7.23 trillion. This represented a significant 46.59% portion of the entire market’s share.
Among the leading exchanges like Bybit, Crypto.com, OKEx, and Coinbase, Binance had a significant dominance with a 34.65% market share, outperforming its rivals by approximately 11.94%.
As Binance’s market share increases, it implies that a large proportion of Bitcoin‘s trading activity and price fluctuations take place on this particular exchange.
Consequently, Binance’s performance appears to closely mirror Bitcoin price fluctuations, stability, and overall market trends, due to its significant trading activity.
What it means for BTC
Because Binance stands as the leading cryptocurrency trading platform, the attitudes of its investors generally mirror the overall mood of the broader market.
As reported by AMBCrypto’s examination, the market share of the exchange has experienced consistent growth. Generally speaking, Bitcoin investors have expressed optimistic views.
Throughout 2024, BTC investors on Binance have shown optimism, driving prices to historical highs.
The bullish attitude is clearly shown through the consistently positive Binance funding rate. In fact, during ten out of the twelve months in 2024, this positive rate was observed, with only exceptions being in October and September.
If the funding rate tends to stay mostly above zero, this usually indicates that investors are quite optimistic, as they’re ready to pay extra for holding long positions. This premium payment is a sign of their belief that the asset prices will increase in the coming days.
Furthermore, it appears that Binance’s Bitcoin holdings reduced significantly by November 2024. This decrease implies that investors might be purchasing more Bitcoin, possibly transferring their assets from the exchange into personal wallets.
As a seasoned crypto investor, I’ve noticed that fluctuations in an exchange’s Bitcoin holdings often have a significant impact on the market prices. For example, when the exchange hit a yearly low in its BTC balance, Bitcoin skyrocketed to an unprecedented all-time high (ATH) of $108k in November 2024.
In March of 2024, Bitcoin hit $70k for the initial time, mirroring a pattern seen before. On the flip side, an increase in Binance balances led to a price decrease, much like what happened in August of 2024 when the prices plummeted to $49k.
Read Bitcoin’s [BTC] Price Prediction 2025-26
In summary, the increasing influence of Binance in the cryptocurrency market is substantial and notable. As the platform continues to expand at an impressive rate, the enthusiasm among Bitcoin investors for Binance has contributed to reaching unprecedented all-time high prices.
Under advantageous circumstances, Bitcoin has a strong potential for further growth. Consequently, there’s a possibility that Bitcoin might regain its value of around $96,700 if traders continue to maintain a positive outlook in the market.
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2025-01-15 06:16