Already, the market share of Binance is crushing it: inside $21.6 million in customer deposits for 2024. By his own admission, that’s significantly more than all the next 10 biggest exchanges, according to Binance’s report from December 12.
“Part of our incredible growth is due to global adoption of digital assets, in part attributed to regulatory moves, higher cryptocurrency prices, and more recently spot Bitcoin ETF approval in major markets including the U.S. and Hong Kong,” the exchange stated.
Binance Surpasses 250 Million Users, Leading Exchange Growth
Binance said it is adding to the exchange’s global footprint: it has crossed over the 250 million user base globally. However, Binance has put itself ahead of the curve in its deployment and execution of deposit products, with the deposit surge. Second is Bybit with $8.2 billion in customer deposits behind it, and OKX in second with $5.3 billion.
But that was a loss, as Bitstamp, Bitfinex, and Crypto.com lost $358.1 million, $1.77 billion, and $2.75 billion, respectively. That said, this is a step in the wrong direction. The market is still bullish, but CEXs are still leaving DEXs in the dust.
CryptoQuant report Highlights the ongoing trend of growing institutional dealing in centralized exchanges. The spike in the average deposit on Binance from 0.36 BTC to 1.65 BTC in 2024. Secondly, while there had been $19,600 worth of Tether (USDT) deposits by 11 AM GMT, just a few minutes later more Tether (USDT) deposits had hit an amount of $230,000.
When it reached $100 trillion in lifetime trading volume, Binance solidified its dominance in the space, the first for any centralized exchange. But CCData reports OKX is next with a $25 trillion trading volume.
Rumors of centralized exchanges (CEX) replacing decentralized exchanges (DEX) have leaked, but this does not diminish the fact that CEXs remain the most raved warhorse in the crypto market today. Even over their lifespan, centralized exchanges have tokenized $276 billion in a single day’s volume, dwarfing the $28.5 billion moved through decentralized exchanges.
“In 2024, we are witnessing a new dawn,” #Binance CEO @_RichardTeng told @CNBCi, highlighting increased institutional adoption from traditional markets.
This shift in momentum will be a key theme at #BinanceBlockchainWeek in Dubai, on Oct 30-31.
Full agenda 👉… pic.twitter.com/jowlxn8FMI
— Binance VIP & Institutional (@BinanceVIP) October 16, 2024
Binance has recently announced plans to team up with a moneymaker to keep pace with the field. The idea is to enable broader USDC stablecoin and digital asset use.
But Binance’s work does not come easy. The setback for the exchange came with Cambodia’s blocking of 16 cryptocurrency exchange websites, including Binance, Coinbase, and OKX. The country, however, said this was another step in regulating digital assets in the country and its citizens no longer have anything to fear.
In November, spot trading volume rocketed to $2.71 trillion, the highest since May 2021, and we saw a major resurgence in cryptocurrency trading activity that month. But the lion’s share of trade was processed at Binance: Or 36 percent of the total, $986 billion. But all of the other major exchanges, except btse, also posted strong performances over the $200 billion monthly trading volume.
The rally also extended to futures markets, which saw Bitcoin futures top $2.59 trillion and Ethereum futures hit $1.28 trillion, the highest since early 2018. Analysts say a $6.4 billion inflow into the US spot Bitcoin ETF is driving the Sa urge, alongside a pro-crypto Republican Donald Trump being reelected US President in early November.
The cryptocurrency itself also saw its price rise for the month after a week-long rally that saw the price of Bitcoin increase by 45% to hit all-time highs above $99,000 as the crypto market continues to remain bullish.
The market is growing, and the fact that Binance dominates means that yet we are in the process of maturing the crypto industry, driven by institutional interest and global adoption that kicks this next phase of growth.
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