Binance’s cumulative spot volume reached $7.23 trillion in 2024, representing 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, pushing prices to all-time highs.
With the cryptocurrency market experiencing steady growth in 2024, Binance has become the premier Crypto Exchange platform.
During this period, the crypto exchange has dominated the market, reflecting continued market confidence in the platform.
According to the CryptoQuant analysis of cumulative spot volume by exchanges in 2024, exchanges have played a crucial role in the continued growth and development of the market.
Binance market dominance
According to 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 meant 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, this suggests that a significant portion of Bitcoin’s liquidity and price movement is taking place on Binance.
Therefore, Binance’s performance is directly correlated with BTC’s price movements, stability and trends, given the high trading volume on the platform.
What it means for BTC
Since Binance is the dominant crypto exchange, investor sentiment on the platform reflects broad market sentiment.
According to AMBCrypto’s analysis, the exchange’s market share has been steadily growing, but investors are largely positive about Bitcoin.
Throughout 2024, BTC investors on Binance have shown optimism, driving prices to all-time highs.
Source: Santiment
This bullish sentiment is reflected in a positive Binance funding rate. In 2024, a positive financing rate was recorded in 10 months, with the exception of October and September.
When the funding rate remains largely positive, it indicates that investors are optimistic and willing to pay a premium for long positions, reflecting optimism about future price movements.
Source: Santiment
Additionally, Binance’s historical BTC balances saw a steep decline through November 2024. This decline suggests that investors are accumulating BTC as they move more assets from the exchange into personal wallets.
Historically, changes in the exchange’s BTC balances have always affected prices. For example, as it fell to a yearly low, BTC rose to an all-time high (ATH) of $108,000 in November 2024.
A similar pattern was observed in March 2024, when BTC reached $70,000 for the first time. Conversely, an increase in Binance balances caused a price drop, such as in August 2024 when prices fell to $49,000.
Read Bitcoin’s [BTC] Price forecast 2025-26
In conclusion, Binance’s increasing market dominance has had a significant impact on the crypto market. Although the exchange has seen tremendous growth, BTC investors’ optimism about Binance has driven prices to new ATHs.
With favorable conditions, Bitcoin is well positioned for more gains. As such, we could see BTC recover $96,700 if traders remain bullish on the exchange.