- Binance claimed 46.59% of the cumulative spot quantity of the crypto market in 2024.
- 5 exchanges managed 81.24% of cumulative spot quantity in 2024.
- Binance maintained its dominance regardless of regulatory challenges within the earlier yr.
Binance maintained its lead because the cryptocurrency alternate with the best cumulative spot quantity in 2024. The centralized alternate consolidated its dominance, gaining 46.59% of the full market share with a cumulative spot quantity of $7.23 trillion.
In keeping with a latest evaluation by CryptoQuant, a South Korean cryptocurrency information evaluation platform, only some exchanges management nearly all of buying and selling quantity within the cryptocurrency market. The CryptoQuant report exhibits that Binance, Bybit, Crypto.com, OKEx and Coinbase accounted for roughly 81.24% of cumulative spot quantity in 2024.
Associated: Binance's Dominance in South Korea Raises Antitrust Issues
Smaller exchanges are nonetheless holding their very own
In the meantime, regardless of decrease volumes, smaller exchanges equivalent to Upbit, Huobi Professional and Bithumb Korea confirmed a robust presence. Every of those exchanges had lower than 10% of the full cumulative quantity. Nevertheless, they nonetheless outperformed a smaller group of exchanges with lower than 0.2% cumulative spot quantity, together with Coinone, Korbit and Binance USA.
It’s price noting that Binance has maintained its stability and dominance after going through extreme turbulence following the allegations and SEC lawsuit towards the crypto alternate and its founder Changpeng Zhao. In mid-2023, the SEC filed 13 prices towards Binance and Zhao, accusing them of working unregistered exchanges, broker-dealers, and clearing companies, amongst different issues.
The case rocked the cryptocurrency alternate, resulting in Zhao resigning as the corporate's CEO and going through jail time. Regardless of the challenges, Binance has proven resilience and maintained its standing because the main centralized crypto alternate within the business. CryptoQuant's 2024 report highlights this state of affairs, revealing that members of the crypto neighborhood choose the platform over different crypto exchanges.
Associated: Binance Surpasses Bitcoin Reserves to 40%, Provides $8.73B in 2024
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