- Binance leads the crypto market with a significant trading volume share.
- BNB is on the brink of reaching its all-time high, fueled by increased Smart Chain activity.
Following up on CNF’s recent post about Binance Coin (BNB) being poised for a new all-time high and eyeing Solana (SOL) in the rankings, the latest update from CoinGecko reveals that among 213 tracked crypto exchanges, the total 24-hour trading volume stands at $176 billion, marking a -10.43% change from the previous day. Binance, Bybit, and Coinbase Exchange rank as the top three cryptocurrency exchanges, with total reserves of these exchanges currently amounting to $203 billion.
Data from CCData below indicates a consistent rise in Binance’s market share since October 2023. For the fifth consecutive month, it has surpassed 40%. CoinGecko’s data supports this, showing Binance’s significant contribution of $41.7 billion to the total $178 billion 24-hour trading volume as of March 20. In comparison, ByBit contributed $7.5 billion, and OKX followed with $6.5 billion.
Despite facing regulatory challenges in the US and other regions, Binance has resiliently maintained its market share. The year 2022 was tumultuous, culminating in former CEO Changpeng Zhao stepping down and a hefty $4.3 billion fine. Nevertheless, Binance has rebounded, regaining its share of trading volume.
Currently, the BNB token is just 21% shy of its all-time high of $690. According to K33 Research, despite Solana’s recent prominence, BNB has made an impressive move this year, closely nearing its record highs. Zimmerman from K33 Research observes that,
BSC was pivotal in the last bull run for altcoins, and it’s gearing up for another surge,
A K33 Research tweet highlighted Solana’s ($SOL) remarkable performance and BNB Smart Chain’s ($BNB) approach to surpassing its all-time high. With BNB edging closer to this milestone, attention turns to the potential for a new BSC season.
$SOL has been the centre of attention as it continues an incredible run.
On the other side of Twitter, BNB Smart Chain is the focus as $BNB gets closer to breaking its own all-time high. This week, we consider possible ways to play another BSC season
https://t.co/7NQ9cdP1Ph
— K33 Research (@K33Research) March 20, 2024
In summary, the three drivers behind Binance’s potential highs are:
- Dominance in Trading Volumes: Binance’s market share in crypto trading remains strong, underscoring its enduring dominance in the industry.
- Resurgence in BNB Smart Chain Activity: Notable increases in total value locked and transaction counts on BNB Smart Chain signify growing engagement and development activity.
- BNB Nearing All-Time High Price: BNB’s approach to its historical peak price reflects strong market confidence and investor interest, potentially setting the stage for further gains.
As the accompanying chart below illustrates, BNB is trading at $567.52, experiencing a 7.36% increase in the past 24 hours. aligning with these growth drivers and reflecting the robust momentum behind Binance’s ascendancy.
