Binance’s global trading volume is very high, reaching $1.63 billion in 24 hours. It’s key to know how Binance became a top player. The highest price of Binance Coin (BNB) was $720.67, showing its growth.
Now, BNB’s market cap is $82.81 billion. It has about 145.93 million coins in circulation.
The Binance ecosystem is strong, shown by its high 24-hour trading volume. BNB’s price went up by +0.09% in 24 hours. This shows it’s stable, even when markets change.
In the last 30 days, BNB’s price went up by +9.69%. Over 60 days, it went up by +9.77%. And in the last 90 days, it went up by +6.17%.
Binance has grown a lot since its start in 2017. It now has 29.5 million funded accounts. In 2023, it handled $3.4 trillion in crypto trades. This shows it’s a big player in crypto trading, loved by both big and small traders.
Understanding Binance’s Market Position
When you look at Binance’s market spot, many things matter. Binance is a top spot for trading cryptocurrencies. It has high trading volumes and a big share of the market.
Even with legal issues in many places, Binance stays strong. This part talks about how Binance grew and its big role in the market.
The Evolution of Binance as a Leading Exchange
Changpeng Zhao started Binance in Hong Kong. Then, it moved to Malta. It became popular because of many alt-coins and special tools like Binance Smart Chain.
Legal troubles in the U.S., Nigeria, and India didn’t stop Binance. It keeps growing thanks to its users and smart moves.
Key Metrics and Statistics
In October, Binance handled 36.6% of global trading. This was 22% more than OKX, its closest rival. But, Binance’s spot trading volume fell by over 20% last month.
This made its spot trading share drop to 27%. It was the lowest since 2020.
In derivatives trading, Binance had 41% in September. But, it also saw a big drop. OKX and Bybit are now strong rivals.
The table below shows Binance’s market performance:
| Metric | Value |
|---|---|
| Market share in global exchange volume (October) | 36.6% |
| Spot trading share (Last month) | 27% |
| Derivatives trading share (September) | 41% |
| Competitors in derivatives market | 18.4% (OKX), 15.3% (Bybit) |
Despite challenges, Binance still leads in trading. It keeps a big share in both spot and derivatives markets. This shows its strong setup and user trust.
Factors Influencing Binance Global Trading Volume
Looking at what makes Binance’s trading volume change shows a mix of things. Knowing how big players and small traders affect it helps us understand better. This mix of factors makes the market very interesting.
Institutional Versus Retail Traders
Big traders on Binance really change how much is traded. They have lots of money and can make big deals. This makes the market move a lot.
But, small traders also play a big role. They may not trade as much, but together they make a big difference. They add variety and keep the market lively.
Volume Variations and Trends
Looking at Binance’s volume shows us important patterns. New trading pairs or old ones being removed can really change things. Things like new tokens or news from regulators also affect how people trade.
For example, some tokens like Pepe and Sui have seen big changes in popularity. This shows how fast the market can change.
Comparing Sui and Binance Coin shows how different things can be. Sui’s price went up, but its trading volume went down. Binance Coin’s price went down a bit, but its trading volume stayed high. This shows how unpredictable the market can be.
| Token | Market Cap | 24-hour Trading Volume | Circulating Supply | All-time High Price |
|---|---|---|---|---|
| Bitcoin (BTC) | $1.24 trillion | $48.52 billion | 19.77 million | $73,750.07 |
| Sui (SUI) | $5.62 billion | $1.56 billion | 2.76 billion | $2.18 |
| Binance Coin (BNB) | $51.12 billion | $1.63 billion | 165.12 million | $686.31 |
| Neiro (NEIRO) | $730.75 million | $193 million | 420.63 billion | $0.001872 |
Conclusion
Looking at Binance’s global trading volume gives us key insights. It shows how the whole crypto market is doing. Binance keeps making a lot of money, even with tough rules and ups and downs.
People who invest big and small help make Binance’s numbers go up. This helps the market grow in the short and long term.
New things in the crypto world affect Binance’s trading a lot. The US Federal Reserve and China’s banks are making big moves. These changes can make Binance’s volume go up or down.
For example, Avalanche (AVAX) prices are going up. And more money is going into decentralized finance. This is good news for digital assets and Binance’s volume.
Binance is always changing, like when they talk about token changes. They changed some tokens to USDC. This caused some price changes at first. But it might make things more stable and increase trading in the future.
These changes show why we need to keep an eye on Binance’s volume every month. It helps investors and traders understand the crypto world better.