Binance, the top crypto exchange in the world, has recently witnessed a remarkable achievement in terms of spot volume. As per the data from the CryptoQuant analyst going by “joaowedson,” the spot trading volume of Binance is consistently outcompeting the rest of the crypto exchanges combined. The crypto analyst discussed Binance’s current dominance in a recent report.
Binance Consistently Dominates Other Exchanges Based on Spot Trading Volume
The analyst’s insights point out that the massive spot trading volume of Binance highlights its persistent influence on the market. Particularly, the trading volume of the crypto exchange is up to 8 times bigger in comparison with Coinbase, the biggest crypto exchange in the U.S. This noteworthy development indicates Binance’s matchless market share irrespective of the overall dip in aggregated spot volumes throughout worldwide exchanges.
Based on the historical data, the dominating spot trading volume of Binance has emerged from the wider bullish trends in the market. For example, in January last year, the platform’s volume exceeded all the other crypto exchanges while Bitcoin’s price was nearly $42,000. This paved the way for a notable increase, with $BTC touching its all-time high price of $73,000. Now, as this pattern has reemerged, it has grasped the attention of the crypto community. The development raises the speculation about a positive price movement in the near term.
Repetition of Trend Underscores Heightened Possibility of Positive Price Action for Bitcoin
According to the CryptoQuant analyst, this could be an indication of a resurgence in investor confidence. Hence, an upward price trajectory for crypto assets like Bitcoin ($BTC) could follow this development. With the consistent advancement in the crypto market, the dominance of Binance in spot trading operates as an important indicator to measure the market dynamics. Simultaneously, the market onlookers and investors keep looking for the potential outcomes of this trend.
