Joao Wedson, CEO of Cryptocurrency Analysis Firm Alphractal, noted Binance’s overwhelming advantage in the Cryptocurrency Market, saying its spot trading volume exceeds that of all other exchanges.
Binance’s spot volume is currently eight times greater than the leading US-based Exchange Coinbase, Wedson said in a recent statement. This advantage continues despite an overall decline in total spot trading volume across the industry.
He also said there is a historical correlation between Binance’s growing market share and Bitcoin’s price action. In January 2024, Binance’s spot volume surpassed the total volume of all other exchanges. Wedson claimed that the Binance vs. Other Exchanges BTC Spot Volume Delta indicator is turning positive again, signaling potential bull signal for Bitcoin over the coming months.
At the beginning of 2024, Binance’s trading volume was 19 times that of Coinbase. That ratio has since dropped to 8:1, but Binance’s global domination is clearly continuing.
*This is not investment advice.
