Binance cumulative spot volume reached $7.23 trillion in 2024

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 buyers on the trade remained bullish by 2024 driving costs to historic highs.

With the cryptocurrency market experiencing regular development all through 2024, Binance has turn into probably the most important Crypto Alternate platform.

Over this era, the crypto trade 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 a significant position within the continued development and improvement of the market.

Binance market dominance

As per CryptoQuant report, Binance has turn into probably the most dominant trade 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 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 rivals.

With the trade’s market share rising, it means that a good portion of Bitcoin’s liquidity and value actions happen on Binance.

Due to this fact, Binance’s efficiency is instantly correlated with BTC value actions, stability, and traits, given its excessive buying and selling quantity on the platform.

What it means for BTC

Since Binance is the dominant crypto trade, buyers’ sentiment on the platform displays broad market sentiment.

In accordance with AMBCrypto’s evaluation, the trade’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 price. All through 2024, 10 months recorded a constructive funding price, apart from October and September.

When the funding price stays largely constructive, it means that buyers are bullish and prepared to pay a premium for lengthy positions, reflecting optimism about future value actions.

Supply: Santiment

Moreover, Binance’s historic BTC balances skilled a robust decline by November 2024. This drop suggests buyers are accumulating BTC as they withdraw extra belongings from the trade to private wallets.

Traditionally, adjustments within the trade’s BTC balances have at all times 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.

The same sample was seen in March 2024 when BTC reached $70k for the primary time. Conversely, a surge in Binance balances prompted a value 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 trade has skilled large development, BTC buyers’ 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 trade.