In 2024, Binance's trading volume reached $7.23 trillion, representing nearly half of the total market share.
Binance and Market Dominance
According to CryptoQuant, Binance surpassed competitors like Bybit, Crypto.com, OKEx, and Coinbase, accounting for 34.65% of the total market share, which is 11.94% more than its closest competitors. This highlights the platform's significant impact on Bitcoin's liquidity and price movements.
Impact on Bitcoin
Investor sentiment on Binance reflects the broader market sentiment. Throughout 2024, investors remained bullish, driving Bitcoin prices to record highs. A positive funding rate on Binance indicated that investors were willing to pay a premium for long positions. In November 2024, a notable decline in Bitcoin balances suggested accumulation by investors withdrawing assets to personal wallets.
Future Outlook for Bitcoin
Binance's growing dominance continues to significantly influence the crypto market. If trader optimism on the platform persists, Bitcoin could potentially reclaim the $96,700 mark.
Binance's market leadership and investor optimism continue to drive positive momentum for Bitcoin, setting the stage for new record levels.
