Binance is Regaining Strength in Spot Market
In recent years, Binance’s dominance in the cryptocurrency spot market has experienced a decline after reaching its peak in 2022. In the fall of that year, the exchange’s share fell below 50%, a sharp contrast to the 74% it held just a year prior.
However, in 2024, Binance’s dominance in the market began to rebound and increase once again.
This was largely due to the return of trust from traders, who began to send their funds to the exchange’s wallets.
By the beginning of February, Binance’s dominance had reached 49%, a significant increase from its low point of 32% in December, according to data from Kaiko.
This can be attributed to the efforts of Binance’s management to overcome the obstacles faced by the exchange in the previous year.
As a result, investor confidence in the exchange has been on the rise, leading to increased trading activity on the platform.
One of the major contributing factors to this growth was the resolution of the conflict between Binance and US authorities, which resulted in Changpeng Zhao stepping down from his role as CEO of the crypto company.
