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- Binance claimed 46.59% of the crypto market’s cumulative spot quantity in 2024.
- 5 exchanges managed 81.24% of the cumulative spot quantity in 2024.
- Binance maintained its dominance regardless of the earlier yr’s regulatory challenges.
Binance maintained the lead because the cryptocurrency change with the best cumulative spot quantity in 2024. The centralized change solidified its dominance, capturing 46.59% of the overall market share with a cumulative spot quantity of $7.23 trillion.
In response to a latest evaluation by CryptoQuant, a South Korean-based crypto knowledge evaluation platform, few exchanges management a lot of the quantity traded within the cryptocurrency market. CryptoQuant’s report reveals that Binance, Bybit, Crypto.com, OKEx, and Coinbase accounted for roughly 81.24% of the cumulative spot quantity in 2024.
Associated: Binance’s Dominance in South Korea Sparks Anti-Monopoly Issues
Smaller Exchanges Nonetheless Maintain Their Personal
In the meantime, regardless of decrease volumes, smaller exchanges like Upbit, Huobi Professional, and Bithumb Korea made their robust presence felt. Every of those exchanges had lower than 10% of the overall cumulative quantity. Nonetheless, 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 maintained its stability and dominance after dealing with extreme turbulence following the SEC’s allegations and lawsuit towards the crypto change and its founder, Changpeng Zhao. In the midst of 2023, the SEC filed 13 prices towards Binance and Zhao, accusing them of working unregistered exchanges, broker-dealers, and clearing companies, amongst different points.
The case rocked the cryptocurrency change, resulting in Zhao stepping down as the corporate’s CEO and dealing with a jail time period. Regardless of the challenges, Binance has proven resilience and maintained its standing because the main centralized crypto change throughout the trade. The 2024 report by CryptoQuant highlights this standing and divulges the crypto group members’ choice for the platform over different crypto exchanges.
Associated: Binance Tops Bitcoin Reserves at 40%, Provides $8.73B in 2024
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