Binance’s stablecoin surge – Record inflows, BNB’s price action, and more…
The post Binance’s stablecoin surge – Record inflows, BNB’s price action, and more… appeared on BitcoinEthereumNews.com.
Binance exchange saw strong growth in stablecoin inflows, aiding in its market dominance A recap of BSC network activity and BNB’s price action is worth highlighting too Binance’s dominance is becoming more apparent and influential as the market continues to heat up. In fact, recent reports suggest that the crypto exchange has been noting a surge in stablecoins lately and thus, liquidity. According to a recent CryptoQuant analysis, Binance currently controls roughly 67% of the total stablecoin reserves held on all exchanges. In other words, it is the most liquid exchange. Therefore, it has the largest impact on flows into cryptocurrencies. Binance has reportedly recorded over $22 billion worth of stablecoin inflows in 2024 so far. This makes it the biggest driver of demand in crypto in this year. Additionally, this has technically allowed Binance to secure more transaction activity and should translate to more revenue. Binance smart chain network activity recap According to DeFiLlama, stablecoin marketcap on the Binance Smart Chain (BSC) grew considerably in 2024. The lowest stablecoin marketcap recorded during the year was $32.71 million on 21 January. This was courtesy of a short-lived dip, which quickly recovered back above $4 billion. Source: DeFiLlama The BSC’s stablecoin marketcap grew significantly over the last 3 months. It bounced from around $5.01 billion at the start of November and rallied to $6.60 billion by 13 December. Here, it’s worth noting, however, that this mostly represented the liquidity in the network and not the exchange itself. BSC volumes have also improved considerably so far in Q4. Volume peaked at $2.43 billion in the last 24 hours, which marked the second time this month that it surged past the $2 billion-mark. Source: DeFiLlama Despite the recent surge, volume was nowhere near the historic peak levels observed at the height of the…
Filed under: News - @ December 15, 2024 3:02 am