Binance's dominance is becoming more evident and influential as the market continues to heat up. According to the latest data, this cryptocurrency exchange has recently seen a surge in stackablecoin sales and increased liquidity: according to a recent analysis by
CryptoQuant, #Binance now controls about 67% of all stackablecoin exchange holdings. In other words, it is the most liquid exchange. Binance is reportedly the biggest driver of #cryptocurrency demand this year, and will see $22 billion dollars in steiblecoin inflows in 2024. Additionally, Binance has technically allowed for increased trading activity, which should lead to increased revenue.
According to DeFiLlama, the size of the stackablecoin market on the Binance Smart Chain (BSC) will grow significantly in 2024. The lowest value of the stablecoin market recorded last year was $32.71 million on January 21.
This was due to a brief dip that quickly recovered to over $4 billion.
Over the past three months, the size of the stablecoin market on BSC has grown significantly.
November. It grew from a level of $5.01 billion at the beginning of the year to $6.60 billion on December 13. However, it is worth noting that this is mainly about liquidity on the Internet, not on the exchanges themselves: trading volume on
BSC also increased significantly in Q4. In the past 24 hours, volume peaked at US$2.43 billion, surpassing the US$2 billion mark for the second time in a month.
Despite the recent surge, volume is still far from the historic peak seen at the peak of the 2021 bull market. Meanwhile, the number of transactions has also increased from 3 million per day in September to over 5 million per day.
judging by the bullish movement, #BNB has significantly benefited from the 2024 bull market. On a shorter time horizon, BNB started the week on a bearish leg, characterized by a sharp drop from recent highs.
As a result of the pullback, prices fell to $642. However, this led to a rebound within the key Fibonacci retracement zone, and the price subsequently bounced above USD 700.
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