The post Binance cumulative spot volume reached $7.23 trillion in 2024 appeared on BitcoinEthereumNews.com.

Binance’s cumulative spot volume reached $7.23 trillion in 2024 marking 46.59% of the total 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. With the cryptocurrency market experiencing steady growth throughout 2024, Binance has become the most significant Crypto Exchange platform. Over this period, the crypto exchange has dominated the market, reflecting continued market confidence in the platform. According to CryptoQuant analysis of 2024 cumulative spot volume by exchanges, exchanges have played a vital role in the continued growth and development of the market. Binance market dominance As per CryptoQuant report, Binance has become the most dominant exchange platform. As such, Binance recorded a cumulative spot volume of $7.23 trillion in 2024. This marked 46.59% of the total market share. Source: CryptoQuant Compared to other top exchanges such as Bybit, Crypto.com, OKEx, and Coinbase, Binance accounted for 34.65% of the market share, reflecting an 11.94% lead over these competitors. With the exchange’s market share rising, it suggests that a significant portion of Bitcoin’s liquidity and price movements occur on Binance. Therefore, Binance’s performance is directly correlated with BTC price movements, stability, and trends, given its high trading volume on the platform. What it means for BTC Since Binance is the dominant crypto exchange, investors’ sentiment on the platform reflects broad market sentiment. According to AMBCrypto’s analysis, the exchange’s market share has grown steadily, but investors have been mostly positive about Bitcoin. Throughout 2024, BTC investors on Binance have shown optimism, driving prices to historical highs. Source: Santiment This bullish sentiment is evidenced by a positive Binance funding rate. Throughout 2024, 10 months recorded a positive funding rate, except for October and September. When the funding rate remains largely positive, it suggests that investors are…

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Filed under: News - @ January 15, 2025 3:19 am