Binance Dominates Crypto Space with $21.6B Deposits and 250M Users in 2024

The post Binance Dominates Crypto Space with $21.6B Deposits and 250M Users in 2024 appeared first on Coinpedia Fintech News

Leading cryptocurrency exchange by daily average traded volume and globally registered users, Binance Holdings has released its annual performance report. Since the beginning of the year, Binance has registered about $21.6 billion in user funds deposits, which is 36 percent higher than what the next 10 exchanges combined registered.

The notable growth in Binance exchange in the past year has been fueled by the ongoing mainstream adoption by institutional investors. Moreover, the average Bitcoin deposit across exchanges jumped from 0.36 BTC to 1.65 BTC year-over-year, while that of Tether’s USDT surged from $19.6k to $230k.

“2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our almost 250 million users, and counting, who continue to trust Binance as their chosen platform for trading,” Richard Teng, Binance CEO, noted.

The Binance ecosystem has grown to a vibrant web3 space, with over $5.6 billion in total value locked (TVL) and over $6.6 billion in stablecoins market cap. According to on-chain data analysis by Defillama, the BSC network registered more than 1 million daily active addresses, which is more than double that of Ethereum (ETH).

Having achieved a $100 trillion mark in lifetime traded volume year-to-date, Binance has stamped its market dominance.

As a result, BNB is expected to rally exponentially in the coming months, potentially beyond $1000, and regain its former fourth position by market cap. Moreover, BNB is a top-tier altcoin, with a fully diluted valuation of over $104 billion and a daily average traded volume of over $2.2 billion.